The Top Fixed Interest Savings Discussion Area

Eco_Miser

ranciduk said:

Question ...

I have been with one of the big banks for about five years and last year opened a couple of fixed saver accounts. I was in full employment when I opened them both 

in about 3 months I am planning to open another fixed saver with the same bank. However this time when I open the account , I will be doing so as someone who has taken early retirement and so has no income from wages (or benefits)

if my employment status comes up in the account application- are they likely to deal with me differently at all? If they think I have no money coming in could they turn me down, or maybe ask me for some sort of proof that I have money to fund the account ?

or am I just being paranoid!?

I have at least once opened an account with status 'retired' (but younger than state pension age), and income as zero, and many with income as a few thousand. I answered 'source of funds' as 'savings' and there was no further enquiry.

ranciduk

Sounds good

thanks you guys!

RG2015

Band7 said:

You are unlikely to be turned down for a savings account, anywhere, if you are an existing customer, or if you can be identified electronically.

You might get asked by any bank at any time about the source of your funds. It shouldn’t be hard to explain this satisfactorily if you haven’t acquired your funds illegally.

Banks know that people who are not employed can have savings. Relax 🧘‍♀️🧘‍♂️ 

My wife has no official source of income and has significant amounts in fixed savings accounts. Neither of us has ever been asked about the source of our income.

When we moved house a few years ago my solicitor asked me for details of my source of income which I duly complied. I advised her that this was ready but she never asked for it in the end.

It has got to the stage now, after several years of moving money between savings accounts, that the primary source of large funds is lost in the past.

I am not sure now how we would succinctly prove source of funds.

ranciduk

I guess if I’ve already got several accounts with this bank already- savings accounts and fixed bonds and a current account - they are less likely to ask me about source of funds etc?

refluxer

ranciduk said:

I guess if I’ve already got several accounts with this bank already- savings accounts and fixed bonds and a current account - they are less likely to ask me about source of funds etc?

I've opened dozens of fixed rate accounts with different banks over the years and can't ever remember being asked this question. Even if you were, I would imagine the worst-case scenario would be having to select 'savings' or 'other account' from a drop-down menu in the situations where a bank is obliged to ask that type of question.

I've not worked (through choice) for quite a while now and have never had a problem opening bank accounts, including current accounts. The only things I have had issues with (despite a perfect credit score) is anything where a credit search (or perhaps proof of source of income) is required, such as applying for a new credit card or phone contract.

allegro120

ranciduk said:

Question ...

I have been with one of the big banks for about five years and last year opened a couple of fixed saver accounts. I was in full employment when I opened them both 

in about 3 months I am planning to open another fixed saver with the same bank. However this time when I open the account , I will be doing so as someone who has taken early retirement and so has no income from wages (or benefits)

if my employment status comes up in the account application- are they likely to deal with me differently at all? If they think I have no money coming in could they turn me down, or maybe ask me for some sort of proof that I have money to fund the account ?

or am I just being paranoid!?

I stopped working 8 years ago and didn't experience any difference.  I put down "house person" in my applications, for source of income question I select "savings".  I had no problems in opening bank accounts with this status.   If the online application form asks for my income figure I put a random one, it seems to work with any digit you put in the box.

Band7

It's nor uncommon that you get asked in the application what your source of funds is - though this is a very general Q, and I haven't had anyone follow up on this.

Several years ago, Lloyds called me because they wanted to know about the source of incoming money from one of the High Street bookies. Well, I had won some bets, Mr Jobsworth!!!

I was also asked for source of funds by Fineco, and more recently, I and several others were asked for proof for source of funds by CHIP. The answers were straight forward to give - e.g. bank statements, payslips, insurance award , lottery win, inheritance etc etc. 

It is the exception rather than the rule that you get quizzed, and some people have never got quizzed. This is not proof that you'd never get asked - but as I said earlier, if you haven't acquired your money illegally, you have nothing to fear, and there is no reason to panic if you get asked.

Band7

allegro120 said:

ranciduk said:

Question ...

I have been with one of the big banks for about five years and last year opened a couple of fixed saver accounts. I was in full employment when I opened them both 

in about 3 months I am planning to open another fixed saver with the same bank. However this time when I open the account , I will be doing so as someone who has taken early retirement and so has no income from wages (or benefits)

if my employment status comes up in the account application- are they likely to deal with me differently at all? If they think I have no money coming in could they turn me down, or maybe ask me for some sort of proof that I have money to fund the account ?

or am I just being paranoid!?

I stopped working 8 years ago and didn't experience any difference.  I put down "house person" in my applications, for source of income question I select "savings".  I had no problems in opening bank accounts with this status.   If the online application form asks for my income figure I put a random one, it seems to work with any digit you put in the box.

I have been using the same income amount for ages. It's safer to use the same, and/or verifiable numbers as your data is held in the National Hunter DB, and large variations in a short space of time might trip you up.

VNX

GB Bank now offering 4.4% for one year fix 

https://portal.gbbank.co.uk/Registration/

refluxer

VNX said:

GB Bank now offering 4.4% for one year fix 

https://portal.gbbank.co.uk/Registration/

Withdrawn already !