Fixed rate bonds 26 January at 11:00AM in Savings & investments 9 replies 792 views

Richardpm38

I have been trying to invest money in several fixed rate bonds,  two online companies have said I can't open accounts with them, two others have required me sending proof of ID etc, which I am ok with,
I recently sold my half in a farm, and moved home, so my bank balance is healthy,  I don't owe anyone money, and I don't have a mortgage. 
It's frustrating 

Richard 

jaypers

When you say Bonds, I take it you are referring to Corporate Bonds and not Fixed Rate Savings? Have you tried Hargreaves Landsdown? I’ve never used them for Bonds but I do for other investments and I’ve always found them to be excellent.

https://www.hl.co.uk/shares/corporate-bonds-gilts

Richardpm38

No I am meaning just normal fixed rate bonds/savings  thanks

jaypers

Ah, apologies. I read too much into your question! What companies have you tried? Institutions such as Atom, Charter etc are usually straight forward. Can only guess it’s something to do with the fact that you’ve moved recently and the ID checks/Electoral Register etc are flagging up that extra checks are necessary. 

TiVo_Lad

Richardpm38 said:

I have been trying to invest money in several fixed rate bonds,  two online companies have said I can't open accounts with them, two others have required me sending proof of ID etc, which I am ok with,

The problem you're most likely having is you're failing the ID checks as part of "Know your customer". Some financial institutions will require manual checks (such as sending in proof of ID) if you fail the electronic checks, whilst others won’t even consider you if you fail the electronic checks. Most likely this has been a result of you moving house.

I had the same problem when I moved house last year and effectively dropped off the face of the earth for about three months as far as the banking industry was concerned, despite submitting my Electoral Registration for the new house on the day I moved in and advising all the existing financial institutions by updating my new address.

It turns out that it can take 4 weeks for you to get on the electoral register (because updates are only published once a month) and then it can take 6-8 weeks for the likes of Experian to update your credit file with the new information. So, while your existing financial institutions know you’ve moved and may advise Experian et al, the fact that you’re not on the electoral register at your new address becomes an issue and causes you to fail ID checks.

It does sort itself out and a couple of places that previously refused me point blank because I failed the ID checks now welcome me with open arms despite none of the information supplied having changed. The key is to get your electoral registration updated as soon as possible. If I’d have know about this before I would have opened various accounts before I moved not afterwards, but lesson learned!

Richardpm38

Thank you for your reply, it makes sense, I have no problem supplying proof by post but, Atom and Smartsave don't afford me that option 😢

jimjames

Richardpm38 said:

No I am meaning just normal fixed rate bonds/savings  thanks

Just be very careful if you are finding companies online, there are some scam companies using the word "bond" for investments where you can lose all your money.

db3745

jimjames said:

Richardpm38 said:

No I am meaning just normal fixed rate bonds/savings  thanks

Just be very careful if you are finding companies online, there are some scam companies using the word "bond" for investments where you can lose all your money.

Sound advice, and I wish I could help with expediting an ID check if that becomes necessary. Seeing you mention SmartSave leads me to suggest that you also do searches on any names you might be unfamiliar with, as some companies featuring in the best rates lists have been very slow to open accounts, citing unforeseen demand! Every day lost could be costing you a large sum of money.

I hesitate to make suggestions, but wish you best of luck.

Richardpm38

jaypers said:

Ah, apologies. I read too much into your question! What companies have you tried? Institutions such as Atom, Charter etc are usually straight forward. Can only guess it’s something to do with the fact that you’ve moved recently and the ID checks/Electoral Register etc are flagging up that extra checks are necessary. 
111
Atom Bank and smartsave were the ones that just said they could not proceed 

I am just really checking out companies that are listed on Money Saving Expert

Bigwheels1111

Atom were easy, picture of licence and selfie.
Raisin easy too, Gatehouse and Tandem simple.
Have accounts with them all.
When I open most of them I was registered to vote at one house but id was elsewhere as caring for friend.
Passed all the checks.

Raisin have isbank at 4.5% for 5 year, interest paid yearly.