The Top Easy Access Savings Discussion Area

Teacherretired

Hi, Following yesterdays BoE Rate rise, I was looking at the Principality Building Society, Easy Access offer of 4.15% listed in the latest MSE issue thismorning. As always, I logged onto the FSCS website to check them out and they arent listed as being covered by the £85K protection scheme. I thought all those offers listed on the MoneySavingExpert site were protected or am I reading it wrong??

masonic

Freedommm said:

AmityNeon said:

Freedommm said:

Oxbury declined. They did those checks that they "don't do for savings accounts", or "shouldn't do" ie soft credit checks. Once again, its because my address has been used by someone else with bad rating.

Ps. I can be ok with that, since I never heard of Oxbury until two days ago. 

A soft search for a savings account verifies your identity, so your credit history is irrelevant.

Why do you believe a completely different person’s credit ‘rating’ has any influence on your application for a savings account? What, specifically, have you been told by Oxbury?

You should not spread misinformation like this.

That is NOT what I was previously told by Coventry, for example. They specifically told me they were unhappy with the address having been used by someone they see as bad. 

That sounds like a rogue employee making stuff up. A bank cannot use a previous occupant as a reason to reject your application and there will be nothing in your credit file about previous occupants of your current address unless you have joint finances (e.g. joint bank account or mortgage) with them. However, they could refuse you if they cannot find evidence that the stated address is your primary residence, or doesn't exist, or the person they 'see as bad' is a member of your current household.

BooJewels

Teacherretired said:

Hi, Following yesterdays BoE Rate rise, I was looking at the Principality Building Society, Easy Access offer of 4.15% listed in the latest MSE issue thismorning. As always, I logged onto the FSCS website to check them out and they arent listed as being covered by the £85K protection scheme. I thought all those offers listed on the MoneySavingExpert site were protected or am I reading it wrong??

Check you have the name exactly right - I checked one this morning and it wasn't found because I put Ltd instead of LIMITED and another I put Ltd instead of PLC.  They seem to come up better using their registered number, which often appears at the bottom of pages in the small print.

Sg28

Freedommm said:

AmityNeon said:

Freedommm said:

Oxbury declined. They did those checks that they "don't do for savings accounts", or "shouldn't do" ie soft credit checks. Once again, its because my address has been used by someone else with bad rating.

Ps. I can be ok with that, since I never heard of Oxbury until two days ago. 

A soft search for a savings account verifies your identity, so your credit history is irrelevant.

Why do you believe a completely different person’s credit ‘rating’ has any influence on your application for a savings account? What, specifically, have you been told by Oxbury?

You should not spread misinformation like this.

That is NOT what I was previously told by Coventry, for example. They specifically told me they were unhappy with the address having been used by someone they see as bad. 

Who exactly at coventry told you that? 

I would recommend you start a new thread for advice as there is clearly something quite strange going on with your credit file for you to be getting refused savings accounts. Identity theft possibly?

Have you checked your credit report?

Freedommm

Ok, I applied with Ford Money, used another address of mine. Instantly received a happy email, that account will be opened! No issues! 4.05% from 29th June! 

masonic

BooJewels said:

Teacherretired said:

Hi, Following yesterdays BoE Rate rise, I was looking at the Principality Building Society, Easy Access offer of 4.15% listed in the latest MSE issue thismorning. As always, I logged onto the FSCS website to check them out and they arent listed as being covered by the £85K protection scheme. I thought all those offers listed on the MoneySavingExpert site were protected or am I reading it wrong??

Check you have the name exactly right - I checked one this morning and it wasn't found because I put Ltd instead of LIMITED and another I put Ltd instead of PLC.  They seem to come up better using their registered number, which often appears at the bottom of pages in the small print.

Best option is to search by FRN, obtained from the financial institution in question, and also cross-check the website address at the FCA register.

Sg28

Freedommm said:

Ok, I applied with Ford Money, used another address of mine. Instantly received a happy email, that account will be opened! No issues! 4.05% from 29th June! 

You have more than 1 address? I think thats your problem then. However you still shouldnt be getting accounts declined. You may get asked for proof of ID and proof of address if they cant electronically verify your identity. 

You still need to find the issue as a matter of urgency. 

flaneurs_lobster

Teacherretired said:

Hi, Following yesterdays BoE Rate rise, I was looking at the Principality Building Society, Easy Access offer of 4.15% listed in the latest MSE issue thismorning. As always, I logged onto the FSCS website to check them out and they arent listed as being covered by the £85K protection scheme. I thought all those offers listed on the MoneySavingExpert site were protected or am I reading it wrong??

Yes they are (from the FSCS website)

What’s protected?

Principality Building Society (FRN:155998)

£85,000.00

[Deleted User]

Hi,

Teacherretired said:

Hi, Following yesterdays BoE Rate rise, I was looking at the Principality Building Society, Easy Access offer of 4.15% listed in the latest MSE issue thismorning. As always, I logged onto the FSCS website to check them out and they arent listed as being covered by the £85K protection scheme. I thought all those offers listed on the MoneySavingExpert site were protected or am I reading it wrong??

from FSCS:

Financial services compensation scheme: important information

The eligible deposits you hold with Principality Building Society, which is a UK-authorised building society, are protected up to a total of £85,000 by the financial services compensation scheme. Joint accounts are protected up to £170,000. Any deposits you hold above the limit are unlikely to be covered.  For further information, download our information sheet about the protection of your eligible deposits, or visit www.FSCS.org.uk.

masonic

Sg28 said:

Freedommm said:

Ok, I applied with Ford Money, used another address of mine. Instantly received a happy email, that account will be opened! No issues! 4.05% from 29th June! 

You have more than 1 address? I think thats your problem then. However you still shouldnt be getting accounts declined. You may get asked for proof of ID and proof of address if they cant electronically verify your identity. 

You still need to find the issue as a matter of urgency. 

I can think of at least a couple of scenarios where this use of different addresses would lead to outright rejections. I suspect there's more to this than we've been told.