ISA - Lower interest rate after 1 year?

Marvqn1

poppystar said:

Marvqn1 said:

Ayr_Rage said:

You can TRANSFER those funds to ANY ISA you wish and they will remain free from tax.

I understand I can transfer the funds.

However, the issue is, I don't have a passport or drivers licence so that makes it very difficult to move to any other savings provider. So I'm wondering if its feasible to get a 4%+ interest rate with Lloyds after a year.

I’m not sure why the lack of photo ID would stop you going elsewhere. Is this an experience you’ve had? I’ve opened two ISAs recently and neither wanted photo ID - just NI number, which I assume you have, and details of how long I’ve been at my current address. No further ID checks required. 

PS I have a passport but I only renewed it for such ID purposes. Yes, it works out at maybe £10-15 pounds a year but it’s a godsend. I actually had to use it with Lloyds as my account was locked as a fraud precaution (not my fault but a Lloyds system hiccup!) and they needed photo ID to unlock it. So do think about investing in one. 

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

What provider did you open an ISA with that didn't require photo ID?

eskbanker

Marvqn1 said:

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

Where did you hear this?

All regulated financial institutions are required to verify ID, but most will aim to do so electronically, rather than needing sight of physical documents, unless by exception if the online process doesn't succeed.

Marvqn1

eskbanker said:

Marvqn1 said:

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

Where did you hear this?

All regulated financial institutions are required to verify ID, but most will aim to do so electronically, rather than needing sight of physical documents, unless by exception if the online process doesn't succeed.

Reading online, people say that when they opened an account with a new provider, they needed a passport and had to record a video of them holding their passport.

How does a financial institution verify ID electronically if someone doesn't have photo ID?

Ayr_Rage

Marvqn1 said:

eskbanker said:

Marvqn1 said:

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

Where did you hear this?

All regulated financial institutions are required to verify ID, but most will aim to do so electronically, rather than needing sight of physical documents, unless by exception if the online process doesn't succeed.

Reading online, people say that when they opened an account with a new provider, they needed a passport and had to record a video of them holding their passport.

How does a financial institution verify ID electronically if someone doesn't have photo ID?

CRA records (bank accounts, mortgages, loans, electoral roll), NI number.

eskbanker

Marvqn1 said:

eskbanker said:

Marvqn1 said:

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

Where did you hear this?

All regulated financial institutions are required to verify ID, but most will aim to do so electronically, rather than needing sight of physical documents, unless by exception if the online process doesn't succeed.

Reading online, people say that when they opened an account with a new provider, they needed a passport and had to record a video of them holding their passport.

How does a financial institution verify ID electronically if someone doesn't have photo ID?

It's a service provided by credit ratings agencies - some providers do have their own proprietary processes, which can indeed entail selfies and so on, but it's far from universal, so don't assume that's a standard!

fuzzzzy

Marvqn1 said:

eskbanker said:

Marvqn1 said:

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

Where did you hear this?

All regulated financial institutions are required to verify ID, but most will aim to do so electronically, rather than needing sight of physical documents, unless by exception if the online process doesn't succeed.

Reading online, people say that when they opened an account with a new provider, they needed a passport and had to record a video of them holding their passport.

How does a financial institution verify ID electronically if someone doesn't have photo ID?

I've had no photo ID for the last 18 months and have still managed to open dozens of new accounts. The only account I've tried and failed to open in that time is with the Progressive BS.

Edit: well not quite dozens, but a lot.

You would probably only have a problem if you had very recently moved address.

MeteredOut

Marvqn1 said:

poppystar said:

Marvqn1 said:

Ayr_Rage said:

You can TRANSFER those funds to ANY ISA you wish and they will remain free from tax.

I understand I can transfer the funds.

However, the issue is, I don't have a passport or drivers licence so that makes it very difficult to move to any other savings provider. So I'm wondering if its feasible to get a 4%+ interest rate with Lloyds after a year.

I’m not sure why the lack of photo ID would stop you going elsewhere. Is this an experience you’ve had? I’ve opened two ISAs recently and neither wanted photo ID - just NI number, which I assume you have, and details of how long I’ve been at my current address. No further ID checks required. 

PS I have a passport but I only renewed it for such ID purposes. Yes, it works out at maybe £10-15 pounds a year but it’s a godsend. I actually had to use it with Lloyds as my account was locked as a fraud precaution (not my fault but a Lloyds system hiccup!) and they needed photo ID to unlock it. So do think about investing in one. 

I heard that now that its necessary to have photo ID for a opening an account with a new provider.

What provider did you open an ISA with that didn't require photo ID?

"I've heard" is probably not a good basis on which to make financial decisions.

I opened a Tembo ISA yesterday (4.8% variable). All online, no photo ID - just some details, including NI number. I'll be transferring my Moneybox ISA to it at the end of the month after I've had it for a year and the rate drops to 4.2%.

eskbanker

MeteredOut said:

"I've heard" is probably not a good basis on which to make financial decisions.

Agreed, and when asked where, it was nothing more specific than "reading online"!

refluxer

Marvqn1 said:

Reading online, people say that when they opened an account with a new provider, they needed a passport and had to record a video of them holding their passport.

As mentioned above, provided you pass a bank's online ID checks, there should be no need to take selfies or supply photo ID. While there are one or two (often app-based) banks who require this by default, they are very much in the minority.  

VNX

Marvqn1 said:

Ayr_Rage said:

You can TRANSFER those funds to ANY ISA you wish and they will remain free from tax.

I understand I can transfer the funds.

However, the issue is, I don't have a passport or drivers licence so that makes it very difficult to move to any other savings provider. So I'm wondering if it’s feasible to get a 4%+ interest rate with Lloyds after a year.

How can anyone know if Lloyds will have an isa of 4%+ in a years time?