Saga rejected application

PW65

My wife and I have an easy access account with Chase but it is in her name only as she is a non tax payer. The interest rate on this account drops from today so we decided to open a new account with Saga. I phoned them to check if we could open the account because my wife had previously had an account with them and the current one is for new customers only and was told there would be no problem as the old account had been with a different bank, I think Natwest, and the new account was with a different provider. We went through all the usual procedures eg selfie and photo of id documents etc and today have received an email saying that the account would not be appropriate and that they would not be able to give a reason for the rejection if we phoned. I am not too bothered about the rejection but I am concerned about Saga's refusal to say why the application has failed. I would welcome any thoughts about this. Should we be concerned that Saga think there is some form of dodgy goings on on our part?

Woodstok2000

There could be any number of reasons for the rejection, and most of them sit woth Saga rather than you. Dont worry about it, but maybe check her credit files to make sure they are accurate just in case.

Ayr_Rage

The latest accounts are provided by NatWest so if she was a previous customer then that's the likely reason.

NO bank will tell you why an application has failed.

flaneurs_lobster

My wife and I have an easy access account with Chase but it is in her name only as she is a non tax payer.

You may share all things equally but legally that Chase account (and the money in it) is the sole property of your wife.

It might be that you have confused the issue of applying for the Saga easy Access account by involving your wife at all. The Saga account is a sole account (like the Chase account). Joint accounts are not supported.

Have you made the application in your name, your wife's name (although she should be making this application herself unless you are acting for her legally) or have you attempted a joint account?

Of course this is just speculation, the rejection could be for any number of reasons - and they won't tell you why.

lon_don

Meanwhile you could just go to Cahoot Simple Saver for 0.02% better !

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82093896#Comment_82093896

Indeed, and no video cinematography required. They're either maxed out on it or unaware, in which case they probably don't know about the 5% Sunny day saver, in which they can have 3,000 pounds each (legitimately😉)

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82094023#Comment_82094023

..and the Sunny Day Saver lets you have a joint account too (legitimately) for extra added application confusion.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82094041#Comment_82094041

You can tell I must be single!

PW65

Thanks for the replies. A joint account is no good because I would pay tax on the interest. The main point of the original post is that Saga have rejected the application and there appears to be no way of finding out the reason.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82094148#Comment_82094148

So the application was made by your wife.

As you say, there's no way to find the actual reason for rejection but one thought might be that since your wife is not paying tax then her income must be below the usual thresholds. Maybe the refusal was on affordability grounds?

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/82094158#Comment_82094158

Affordability? Minimum operating balance is £1!

I think the answer lies here in the terms and conditions. Note how it mentions avoidance (legal) as well as evasion (illegal) . In any of the (impertinent IMO) questions they might have asked, did you let on that the main source of funds for her account would be your money?