Tesco Bank suddenly stops me opening new savings account due to "additional checks required"

Katiehound

I just, finally, managed to open an internet saver at the 3rd attempt. It was the NI number that caused the problem.
Now you have a separate account- not online banking, so that caused me some confusion! previously it was  on the same screen as credit card.
 Then I saw that they send a letter which must be signed within 30days. I won't be here. Waste of at least 1/2 hour and will need to apply again when back from holiday, but at least I know to omit NI number. (You would  need that for ISA)

Daliah

Katiehound said:

.... but at least I know to omit NI number. (You would  need that for ISA)

You also need an NI number for normal savings accounts as it is needed for the annual reporting of interest to the HMRC. I have no idea how Tesco are handling this.

Katiehound

Daliah said:

Katiehound said:

.... but at least I know to omit NI number. (You would  need that for ISA)

You also need an NI number for normal savings accounts as it is needed for the annual reporting of interest to the HMRC. I have no idea how Tesco are handling this.

well, when I phoned up to try to untangle the slight mess I was told that NI was not required unless it was for an ISA.) In fact I don't think I provided it when I had their current accounts & other savings accounts some years ago- but I could be wrong over that.

Molehusband

Daliah said:

Do you have a protective CIFAS registration?

No, I'm not registered with them. As I understand it they are involved in fraud prevention. I have been using numerous bank & savings related accounts for over 60 years and have never experienced any incidents involving fraud or suspected fraud. Sure, very occasionally I've had a transaction queried and been requested to provide additional information but there was never a suggestion of any possible fraud.

In particular as regards being a Tesco Bank customer, I've never had the slightest query made about any transaction at any time in all the years I've been a customer. The only quibble I have with them is that I am registered with them for "paperless banking". Regrettably they still bombard me from time to time with paper and I return it to them with a reminder of my "paperless" requirement. I've discussed the matter with them and they accept my returning unwanted post for that reason and that it doesn't imply a postal address change. If they want to check my postal address they will have it confirmed by HMRC, Electoral Registration, Local authority Council Tax, DVLA etc, etc.

Coming back to CIFAS, would you consider my registering with them might help the issue I'm having with Tesco Bank?

Molehusband

Katiehound said:

Daliah said:

Katiehound said:

.... but at least I know to omit NI number. (You would  need that for ISA)

You also need an NI number for normal savings accounts as it is needed for the annual reporting of interest to the HMRC. I have no idea how Tesco are handling this.

well, when I phoned up to try to untangle the slight mess I was told that NI was not required unless it was for an ISA.) In fact I don't think I provided it when I had their current accounts & other savings accounts some years ago- but I could be wrong over that.

I'm surprised to hear that. Having on numerous occasions opened new savings accounts (all non-ISA) with Tesco Bank, amongst the numerous bits of detail it always indicates that NI number is required.

RetSol

Don't know how relevant this is but I have had grief this week with Santander. 

Customer for 30 years, lived at the same address for 23 years, never had an overdraft. 

But I am tripping the anti-fraud algorithm +/- daily at the moment.  And all because I inadvertently got locked out of the account last week. 

Seems like the algorithm is working overtime at the moment. 

And when algorithm says no.... 

Daliah

Molehusband said:

Coming back to CIFAS, would you consider my registering with them might help the issue I'm having with Tesco Bank?

No it wouldn't help.

A protective CIFAS registration is something you can set up if you are concerned about potential fraud in your name. It would result in extra checks when an application for a financial product is made in your name. https://www.cifas.org.uk/pr

Daliah

Katiehound said:

Daliah said:

Katiehound said:

.... but at least I know to omit NI number. (You would  need that for ISA)

You also need an NI number for normal savings accounts as it is needed for the annual reporting of interest to the HMRC. I have no idea how Tesco are handling this.

well, when I phoned up to try to untangle the slight mess I was told that NI was not required unless it was for an ISA.) In fact I don't think I provided it when I had their current accounts & other savings accounts some years ago- but I could be wrong over that.

Actually, they are correct. The NI number is an optional field in the HMRC report spreadsheet

oldagetraveller1

Daliah said:

oldagetraveller1 said: I now recall that entering my NI number has caused a prolem in the past. Just tried without entering it and bingo - account opened. I don't know why it's need for a standard savings account anyway?

They need the NI number for the annual reporting of interest to HMRC.

Strange, then, that during the application process of many other accounts it is not requested.

Daliah

oldagetraveller1 said:

Daliah said:

oldagetraveller1 said: I now recall that entering my NI number has caused a prolem in the past. Just tried without entering it and bingo - account opened. I don't know why it's need for a standard savings account anyway?

They need the NI number for the annual reporting of interest to HMRC.

Strange, then, that during the application process of many other accounts it is not requested.

see later posts - the NI number is actually optional in the HMRC reporting.