Why do I have to disclose income - Nationwide Savings

Flugelhorn

Am I missing the point here? 
We have a Nationwide Current Account and wanted to open a Savings account with them- in the application they want to know how much my pre tax income is and how much I am going to save in 12 months - why do they need to know that ?

MrFrugalFever

Strange, if you have your salary or other income paid in to that account one would assume they already know.
Is the nationwide savings account the best for you? Take a look at the Top Easy Access savings accounts thread on here and I think you’ll find there are multiple others to use who won’t need to know such info and provide better % rates.

Flugelhorn

The  current account is not our main account  DH has his occupational  pension paid in there with very little outgoing, just felt that the NW account would be easier to run along side that - appreciate it is not the best rate but better than what the money is getting at present . 

MrFrugalFever

It’s very straightforward and stress free opening a top rate easy access account. Check out the thread and give it a go, why would you not want to have maximum return on whatever savings you have….?!

Section62

Flugelhorn said:

Am I missing the point here? 
We have a Nationwide Current Account and wanted to open a Savings account with them- in the application they want to know how much my pre tax income is and how much I am going to save in 12 months - why do they need to know that ?

Know Your Customer (KYC)

(aka 'ticking a box')

Flugelhorn

ah - explains it - presumably they will then try to sell me endless unwanted financial products 

thegreenone

Flugelhorn said:

Am I missing the point here? 
We have a Nationwide Current Account and wanted to open a Savings account with them- in the application they want to know how much my pre tax income is and how much I am going to save in 12 months - why do they need to know that ?

I opened one today.  I'm starting a new job soon so entered £4k as salary and £2k as amount to save.  No idea if that will be accurate but it was accepted.

Band7

Flugelhorn said:

ah - explains it - presumably they will then try to sell me endless unwanted financial products 

In Details and Settings in the app, you control what they are sending you. 

MX5huggy

Flugelhorn said:

ah - explains it - presumably they will then try to sell me endless unwanted financial products 

Don’t worry they are rubbish at that, for about 3 years they sent me a letter every month telling me they couldn’t email me to tell me my statement was available online. My mail box was full on just the first occasion, 

Swipe

Just put anything, they say it won't affect the application anyway.

Millyonare

Applying for any product at the Nationwide has become like a job interview for MI6. It's got a bit ridiculous. Info overkill. All feels very passive-aggressive.