Is an ISA without photo ID possible?

Ravenscall

I opened an ISA a couple of years ago. It was really simple. All I was asked for was details of a bank account and my NI number. It was with Saga (best rate at the time) and they are no longer offering ISAs to new customers.

My husband wants to open one and we tried a couple of those recommended on MSE but the first (Tesco) wrote and said they wanted original or certificated ID - a passport, driving licence or benefits letter. Neither of us have a passport, he can't drive for health reasons and isn't on benefits. So we tried another one - they wanted photo ID… plus details of income and expenditure.

He has cashed a lump sum private pension and wanted to save it into a cash ISA withdrawing an amount monthly until the end of the financial year, when he will do the same thing.We would prefer him to be able to open one in his own name.

Does anyone know if there is anyone who offers a cash ISA (with decent interest) to people who don't have a passport or driving licence, nor are on benefits? We do already have a joint bank account.

Many thanks!

eskbanker

In general, financial institutions will try to verify the identity of applicants via electronic checks, as this is simplest, quickest and cheapest, but in some circumstances it's deemed that a manual process should be followed.

Trouble is, it's isn't practical to determine in advance which route any individual will follow, so there isn't a list of institutions that won't need to see physical ID…

flaneurs_lobster

Does the bank that you have an account with have an acceptable ISA product?

Brie

does the bank you have the joint account with have anything?

you might ask talking to the vulnerable customer team at various places - they should have something like this but it may have a different name. Most financial institutions are aware that not everyone has the standard ID so should offer alternatives where possible. Perhaps they will accept a bus pass and a letter from HMRC or similar.

If you can't get one of the regular customer service types to help, i.e. they don't know about vulnerable customers, then I'd push to speak to a manager or even the bereavements team - these people tend to have a greater knowledge in my opinion.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81991624#Comment_81991624

Further to what @Brie has said, are you anywhere near/accessible to branches of the banks/building societies who might have an acceptable product? Might be worth trying an in-person enquiry.

Albermarle

When opening ISAs , I have never been asked for any physical ID, photo etc.

Your ID is checked electronically and only if something shows up , do they ask for physical ID. Although there seems to be some random checks as well.

So there is maybe something in your husbands records that is raising a flag, or he has just been unlucky so far.

In this new world it can be worth getting a passport even if you never go abroad.

eskbanker

He has cashed a lump sum private pension and wanted to save it into a cash ISA withdrawing an amount monthly until the end of the financial year, when he will do the same thing.We would prefer him to be able to open one in his own name.

On reflection, if you're referring to a sub-£20K lump sum that'll be depleted over the course of the tax year, the interest earned won't generate any tax liability anyway, unless he has other taxable savings or is a higher rate taxpayer, so there may not be much reason to use an ISA, although controls on opening taxable accounts aren't particularly likely to be any less stringent…

Ravenscall

https://forums.moneysavingexpert.com/discussion/comment/81991598#Comment_81991598

Thanks. I had thought from what I had read on a few of their websites that there was a standard practice but what you say makes total sense.

Thanks also for your other comment. I had thought that tax was taken automatically from interest in other saving accounts and you had to reclaim it? No, nowhere near a higher rate tax payer! He is claiming the automatic tax deduction back on the pension payment for this year.

Ravenscall

https://forums.moneysavingexpert.com/discussion/comment/81991601#Comment_81991601

It does but unfortunately the interest rate is only 2.50%. It may be that we have to go down either that route or combining his money into my ISA though (as I'm unlikely to save any more personally).

Ravenscall

https://forums.moneysavingexpert.com/discussion/comment/81991624#Comment_81991624

Thanks. Yes, our bank has an ISA but the rate isn't as good. He isn't vulnerable and isn't old enough for a bus pass. Nor does he have anything similar really. He worked until very recently - he doesn't drive due to having epilepsy but is otherwise healthy. He's retired early as I am now disabled.

Its probably easier to just take a hit on less interest if he's not eligible for the best deals due to lack of ID or to combine our savings into my ISA (as I am unlikely to have any additional income now).

Ravenscall

https://forums.moneysavingexpert.com/discussion/comment/81991693#Comment_81991693

No, me neither! I think the issue is likely to be that nothing is showing up. We have the joint bank account and the council tax comes in both names but everything else is in my name, including the house.
We're trying to avoid the passport option as long as possible as they are so expensive.