Suggestions for opening bank account for fulltime homemaker

JonMitchell

Hi

My wife is a full time homemaker and we have been with our joint bank account for a long time, over 20 years.

Is there any bank that anyone would suggest/recommend, that would accept a full time homemaker (she has no income nor on any benefits) to set up a new account?

Had wanted to try applying online for her but realised there is a hard credit check, just playing cautious if she is declined, it will leave a mark for at least 6 months.

Thanks

PeacefulWaters

A single search is neither here nor there in the great scheme of things.

I suggest she applies to her existing bank. If the joint account conduct is good I'd be surprised if she's declined.

And there's always the option of a basic account to fall back on.

JonMitchell

Thanks PeacefulWaters

Our joint account (HSBC premiere) is always tidy, never had any late payment nor taken any overdraft. But they did not decline or approved her as a full time Homemaker to set up an account, still waiting reply from HSBC on this. So in the meantime, trying to explore with other banks if possible for her to set up her own sole account.

Many years back both of us had sole accounts until 20years back we decided to go for joint account and then realised the hassle of opening one new sole account for her - as a homemaker. Wrong choice of ours really, but need to plough on.

JonMitchell

Just had a call from HSBC to my wife - she was declined a sole account as she is a Homemaker with no income, doh!

I just need to set up a sole bank account for my wife - no need for overdraft, credit needed at all. Just a simple bank account.

Any recommendation for banks is greatly appreciated rather than trying and leaving a hard footprint on each application.

EachPenny

JonMitchell wrote: »

Just had a call from HSBC to my wife - she was declined a sole account as she is a Homemaker with no income, doh!

Which account did she apply for? The Advance account requires a minimum pay-in (which HSBC sometimes treat as a minimum income requirement) but their standard account has no income requirement.

Does she genuinely have no income? I'm not currently working, but have income from savings and investments which I put down as my 'income' in any application. The amount is modest, but probably far better than entering '£0' If you have joint savings then it would be reasonable for her to treat a proportion of any interest as being her income.

Personally I'd look at allocating a share of savings/investment income to her and then go into your HSBC branch and ask them to review the application based on her 'correct' income.

Alternatively, consider applying for a Nationwide current account. Nationwide seem to be one of the least fussy current account providers - so long as she doesn't enter '£0' income I would be amazed if she is rejected by them.

It would also make sense for her to have an account with a bank outside the HSBC system (i.e. not First Direct or M&S). This is so if there are any problems with HSBC's computer systems you would still have access to some money until HSBC's systems are back up and running.

In recent times I've applied for and successfully opened around 15 current accounts with a wide-range of banks whilst declaring myself as a full-time homemaker with only a modest income from savings and investments - so it can be done The only problem I've had was with the HSBC Advance account, and that was due solely to a misunderstanding on their part

System

Virgin probably offer the best deal with no regular deposits.

Nationwide or Barclays have amongst the best basic accounts.

Yorkshire/ Clydesdale offer a debit on their savings account, if she doesn't need Direct Debits.

Any of those help?

JonMitchell

Thanks Eachpenny

She stopped working and has been a fulltime homemaker after our child was born, so yes no income for over 10years now for her. I'm at full time work.

Despite being with HSBC premiere over 15years now, they declined my wife's sole account application and would not allow her to open a basic account neither. We have a lump sum of savings at HSBC but that didn't help either - as per your saying as investments.

But think luck was on our side today, chat to another high street bank and they are most likely to give my wife a basic current account. So I think we are pretty much sorted.

Thanks for all your help and contributions, greatly appreciated!

JonMitchell

Thanks Heng Leng

EachPenny

JonMitchell wrote: »

...We have a lump sum of savings at HSBC but that didn't help either - as per your saying as investments.

So unless these savings are earning nothing, or you regard all the interest as 'yours' and not joint, then she does have an income, albeit not from employment.

Even if it is only a few pounds a year it is better to declare that rather than saying she has absolutely no income. (arguably saying she has no income when there is some from savings would be providing the bank with false information as part of the application process)

Shakin_Steve

I was under the impression that you couldn’t have a basic account unless it was your only account.

JonMitchell

Thanks EachPenny

The savings we have in joint are in fixed term interests with HSBC, so it is definitely considered as investment.

I can only brush it down to HSBC telephone staff, who did not wish to open a sole account for my wife, down to someone who doesn't use their brain a bit.

Had a call from HSBC this morning apologising about the incident and they said they are looking into it as I mentioned we might just moved to another bank after all these years - with no overdraft nor late payments. O well, that's banking nowadays.

O btw, my wife did managed to open a sole account - as a FULL TIME HOUSEWIFE - via another highstreet bank yesterday, so all's well now