Is an ISA without photo ID possible?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81992406#Comment_81992406

There is no reason to think a savings account would be treated any different to an ISA.

It would be impossible for any financial institution to give assurances that any individual would not be asked for ID as it is entirely dependent on what results are obtained when carrying out the routine and mandatory ID checks following an application.

The problem here is not having a sufficient electronic footprint due to a lack of credit accounts, rather than an absolute requirement to have photo ID (or to be on benefits). Most institutions start with such an electronic check and will only follow up with further requests if these fail or an individual is randomly selected for more scrutiny.

Yellowman

Trading 212 requires photo ID.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81992135#Comment_81992135

Suggest you rethink getting a passport now, since they can only get more expensive in future.

Current cost is £102 (online) to £115.50 (postal). I paid £94.50 last year.

You indicated your current bank offers 2.5% fixed rate ISA, whereas with suitable photo ID 4.5% fixed for a year currently available.

On a £20k ISA investment that 2% difference is worth an extra £400 interest, dwarfing the £102 passport outlay.

As for future ISA saving, I favour you both continuing to go down that straightforward route, despite the fact neither of you are currently tax payers.

Yes there is a (complex) threshold of 0% tax rates on savings at various income levels but why waste your time familiarising and navigating a system subject to change at a Chancellor's whim, when your ISA income remains tax free and effectively invisible to HMRC with no effort required of you other than to set it up in the first place.

Bear in mind your future state pensions will likely push you into basic rate tax, so sheltering all your savings in ISAs must minimise future tax compliance concerns.

friolento

They might want an easy access ISA as opposed to a fixed term one, so 4.5% is not currently an option. However, 4.27% easy access is available at KRBS, miles better than the 2.5% @Ravenscall seems to currently get (Saga consistently have pretty mediocre rates )

KRBS is easy to use, all online but they will obviously have to carry out ID checks like all other providers.
https://www.kentreliance.co.uk/products/isas/easy-access-cash-isa?utm_source=Moneyfacts&utm_medium=EAISA-CPC&utm_campaign=KR_ISA26#

Ravenscall

https://forums.moneysavingexpert.com/discussion/comment/81992591#Comment_81992591

I get 4.01% at Saga, which is pretty good. 2.5% is what our current bank account provider is offering and why we don't want to go with them. Yes, it needs to be easy access as we will be depositing a lump sum and withdrawing throughout the year.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81992401#Comment_81992401

I actually find my ISA not complicated at all. It was easy to open and its been easy to transfer money in and out of

That is good, but I will just clarify what I meant about ISAs being more complicated.

If you just have one ISA and do not keep chopping and changing, then it is not really an issue. However there are all sorts of rules about transferring them, how much you can add, how many you can open etc. The forum is full of questions/misunderstandings/confusion about these rules, which sometimes change, just to add an extra layer !

SacredStephan

Does your husband have a Govt Gateway login?
If not, it is very difficult (or impossible) to get one without a passport or driving licence.
This might cause problems in the future, e.g. using Govt Gateway to check his state pension entitlement and NI contribution record.
If he was to get a passport it would unlock access to a Govt Gateway account.

Also, he might be able to apply for a driving licence if he has been fit-free for a period - check with DVLA.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81993480#Comment_81993480

The OP and husband do not want to pay for a passport. Although effectively it will only cost 20p a week.