NATIONWIDE BUILDING SOCIETY

Chino

I can't describe the exasperation with which we would have regarded someone complaining to their MP because their building society had made a polite enquiry about their income.

It wasn't a "polite enquiry". The company stated that this was "a regulatory requirement" yet it wasn't; the company lied to the OP.
What the company is required to do is assure itself that the OP's funds were not acquired as the result of money laundering. As the funds were evidently old funds, ascertaining the OP's current income would not allow the company to discharge its AML responsibilities.
Therefore, the company was both lying to the OP and not discharging its regulatory responsibilities.

Qyburn

I can't think any of the savings accounts I've opened recently have required this. I am sure I'd remember because until next year when pensions start to come into payment my income is actually zero so it be a pretty awkward question to answer.

wmb194

Qyburn said:

I can't think any of the savings accounts I've opened recently have required this. I am sure I'd remember because until next year when pensions start to come into payment my income is actually zero so it be a pretty awkward question to answer.

Which accounts have you opened recently?

Descrabled

I agree with Oyburn and would add that I cannot remember ever being asked for my income when opening a savings account. Some banks and building societies will have historical information, now wildly out of date, when I opened some, but not all, current accounts.

I would find it difficult to provide my income details without advanced notice for I do not habitually have such data upon my person.

Bigwheels1111

My income is £4001 a year.
I pay £2050 a month into 7 regular savers.
That would set off alarm bells.
Quite a few savings products have asked for earnings.
YBS, most of the regular savers.
I opt for the closest bracket, for me that includes interest.
Right or wrong.

Foxhouse

Most of the accounts I've opened in the last 12 months (approx 10) have asked the question.

No idea if it's a specific regulatory requirement for banks/building societies, or just a small check to demonstrate that they're doing some form of due diligence.

Either way, I'm not sure what the fuss is about.

horsewithnoname

my salary is £22635 a year, you are welcome to use that if it helps OP 🙄

Albermarle

Descrabled said:

I agree with Oyburn and would add that I cannot remember ever being asked for my income when opening a savings account. Some banks and building societies will have historical information, now wildly out of date, when I opened some, but not all, current accounts.

I would find it difficult to provide my income details without advanced notice for I do not habitually have such data upon my person.

You can pretty much give them any figure, as it will not be checked unless you say something ludicrous. 
Of course if you were applying from credit or a mortgage than you have to be more scrupulous.

xylophone

It would be perfectly possible to have no earnings but a  lot to save - one example would be non working spouse with gifts  from high earning spouse.

Alderbank

xylophone said:

It would be perfectly possible to have no earnings but a  lot to save - one example would be non working spouse with gifts  from high earning spouse.

Indeed.

That's why they never ask for earnings. They ask for income, often household income.

Like millions of other over-65s I have no earnings. My income all comes from pensions and savings interest.
Many, many self-employed people choose to take no earnings (salary, wages) from their business, taking dividends instead is more tax efficient for them.