Fixed rate bonds

4 Posts

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
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
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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!
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.