They don’t want my money!

I recently tried opening another bank account: an internet deposit account offering a good rate of interest on cash.  This was about a week before the 1.5% interest rate cut.  The bank was Egg, who offered a competitive rate and what appeared to be a sane online banking system.

A few days later, I got a letter from them.  They asked for proof of identity: 2 * household bill, bank statement, or similar.  I hunted down a recent ‘phone bill and a recent electricity bill, and sent them off.

They rejected them!  Not good enough!  Well, bugrthat!  I guess it’s back to the best-buy tables to find someone else who’ll take my money.

Last time I opened such an account was October 2006, and I had no such problems.  That time it was with a small building society (Saffron Walden), who was offering a competitive interest rate.  OK, it was well short of Icesave, but I wasn’t going to rely on a taxpayer-funded bailout for the greedy (more fool me).  Trouble now is that account’s interest rate no longer looks so competitive for the greater part of my cash 😦

Posted on November 25, 2008, in Uncategorized. Bookmark the permalink. 3 Comments.

  1. I went through exactly the same deal, try Capital One

  2. Well, isn’t that always the way?

    On the savings side, my ISA went from 4 to 2.5% overnight.
    Mortgage-wise, I’m on a fixed-rate agreement (fortunately only for less than a year remaining), so much as I don’t expect them to pass it on immediately, I couldn’t take advantage of it anyway. Will still see what the rates are like in a year’s time though 🙂

  3. The situation for disabled people is even worse than this. I manage my elderly and disabled father’s affairs through a power of attorney. Most of the best deals are online and most internet-based accounts exclude power of attorney applicants in the noble cause of the fight against terror and organised crime. Thus disabled people, who often need their savings income to defray care costs (as in my father’s case), are denied access to the most advantageous products. Apparently this form of disability discrimination is not illegal.

    Recently I tried to open an ISA account for my father with the Yorkshire Building Society at the local branch. Despite being a Yorkshire customer myself, and despite the branch saying that everything was in order, two weeks later Yorkshire’s head office saw fit to reject the application as they were not satisfied with my own identity! So having ranted on the phone to their head office and at the branch to their local staff (who seem to work from a different operating manual) I am trying for a second time before the interest rate falls again.

    Perhaps I’ll buy an identity over the ‘net for £80 and try that next time – it might be easier than attempting to convince them that I am in fact myself!

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