ceejay
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Post by ceejay on May 25, 2019 7:22:49 GMT
Has anyone found a cash ISA (yes one of those) which pays a higher rate, and isn't "antiquated" (to quote some TP reviews), i.e. where you don't have to put actual identity documents in post, or get a GP to sign photocopies? I recently tried to open one with Oakmore and their photocopy signatory list was very restricted. The last Cash iSA I opened was with Sainsbury's, and I think they were able to verify identity without sending anything. But this may depend more on the depositor than the bank - it all depends on whether there is solid information about you in the databases available to them.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 25, 2019 14:03:52 GMT
The last Cash iSA I opened was with Sainsbury's, and I think they were able to verify identity without sending anything. But this may depend more on the depositor than the bank - it all depends on whether there is solid information about you in the databases available to them.
ceejay is correct, the "painfulness" of KYC depennds on the client, not the financial institution. The rules are the same for all firms, thus the only difference is the client.
ceejay has 80% of the right answer here. If the details you give match what what the databases say, then you're 80% of the way there. If they don't match (or they simply can't find you at all), then yes, expect to be asked for certified hard copies.
Infact, for 80% of customers, you are not 80% of the way there, but 100% of the way there. Account open, job done.
There are a few exceptions to the above, such as if the customer has self-registered on CIFAS or if their details are not on the database for "other reasons" (e.g. because of the nature of their job). These people will obviously be unable to use the automated system. But those people should know that anyway and so they will be well used to providing hard copies.
For the unlucky sods in the remaining 20%, well, the amount of pain depends on how many red boxes you tick, for example but in no way limited to :
- Are you a "politically exposed person" ? - Do you have strong overseas connections ? - Are there questions surrounding your "source of wealth" ? etc. etc. etc.
If the Compliance Departments smells something then they'll keep on probing deeper and deeper until they are satisfied. Or some companies just have a policy of automatically rejecting anyone who starts raising red flags.
Of course, if you're American, you'll probably just be politely told to shove off. The US authorities are a pain in the backside and its simply not worth it unless the customer is seriously worth it. 
There is some element of the financial institution approach to KYC. I have no problem with passing electronically but a lot of companies dont use that as the default, going straight for documents or even verified documents because thats what their compliance has decided is necessary. So I can open an account with most high street banks in seconds but would have to go into RBS/Natwest and jump through hoops. I doubt their KYC is anymore rigid than the other institutions. Its ironic that I can own part of a company but never be a customer.
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zlb
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Post by zlb on Jun 27, 2019 15:59:06 GMT
ceejay is correct, the "painfulness" of KYC depennds on the client, not the financial institution. The rules are the same for all firms, thus the only difference is the client.
ceejay has 80% of the right answer here. If the details you give match what what the databases say, then you're 80% of the way there. If they don't match (or they simply can't find you at all), then yes, expect to be asked for certified hard copies.
Infact, for 80% of customers, you are not 80% of the way there, but 100% of the way there. Account open, job done.
There are a few exceptions to the above, such as if the customer has self-registered on CIFAS or if their details are not on the database for "other reasons" (e.g. because of the nature of their job). These people will obviously be unable to use the automated system. But those people should know that anyway and so they will be well used to providing hard copies.
For the unlucky sods in the remaining 20%, well, the amount of pain depends on how many red boxes you tick, for example but in no way limited to :
- Are you a "politically exposed person" ? - Do you have strong overseas connections ? - Are there questions surrounding your "source of wealth" ? etc. etc. etc.
If the Compliance Departments smells something then they'll keep on probing deeper and deeper until they are satisfied. Or some companies just have a policy of automatically rejecting anyone who starts raising red flags.
Of course, if you're American, you'll probably just be politely told to shove off. The US authorities are a pain in the backside and its simply not worth it unless the customer is seriously worth it.
There is some element of the financial institution approach to KYC. I have no problem with passing electronically but a lot of companies dont use that as the default, going straight for documents or even verified documents because thats what their compliance has decided is necessary. So I can open an account with most high street banks in seconds but would have to go into RBS/Natwest and jump through hoops. I doubt their KYC is anymore rigid than the other institutions. Its ironic that I can own part of a company but never be a customer. Yes, I've found it pretty mixed. As update, in case anyone interested, Coventry have been reasonably straightforward in terms of not requiring ID checking for ISA transfer. Idiosyncratic but reassuringly plastic-free online security measures. Just make sure you activate your password online within the 7 day limit, or you'll have to send them a password written on a piece of paper, in the post!
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Post by geosaddler on Jun 28, 2019 11:41:22 GMT
Has anyone found a cash ISA (yes one of those) which pays a higher rate, and isn't "antiquated" (to quote some TP reviews), i.e. where you don't have to put actual identity documents in post, or get a GP to sign photocopies? I recently tried to open one with Oakmore and their photocopy signatory list was very restricted. I don't recall setting one up with fordmoney being painful. Their rates aren't quite as high as the highest providers but they take transfers in, the non-fixed duration one is flexible, and you can invest new contributions across all of their cash isa products in a tax year (portfolio status or something). Virgin Money ISA now offering 1.45% or 1.5%. Access allowed twice per year. All easily done on line and set mine u in 10 minutes with no documents. Quite a few 'easy access' ISA knocking about now in the 1.4% to 1.5% if you shop around.
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Post by geosaddler on Jun 28, 2019 12:05:11 GMT
Just the thread I was looking for. I've pretty much had a disaster at FC and the sinking Provision Fund at RS isn't giving me much confidence either. As such, i'm thinking of getting out of P2P altogether and trying other things. I think I'm ever happier to see the words 'FSCS protected' in the current climate!
Last year I dipped my toe in the water and opened accounts at 2 robo-investors. The idea of S&S investing interests me but I'm a serious rookie despite reading around it which is why I decided to give the robo-investors a try and let somebody do it for me for a relatively low fee. Does anyone have any experience here and any advice? My current quandary is whether to simply put my P2P money into my cash ISA or invest heavier into S&S.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jun 28, 2019 12:51:20 GMT
Just the thread I was looking for. I've pretty much had a disaster at FC and the sinking Provision Fund at RS isn't giving me much confidence either. As such, i'm thinking of getting out of P2P altogether and trying other things. I think I'm ever happier to see the words 'FSCS protected' in the current climate!
Last year I dipped my toe in the water and opened accounts at 2 robo-investors. The idea of S&S investing interests me but I'm a serious rookie despite reading around it which is why I decided to give the robo-investors a try and let somebody do it for me for a relatively low fee. Does anyone have any experience here and any advice? My current quandary is whether to simply put my P2P money into my cash ISA or invest heavier into S&S.
Stick with CASH in the Bank until you're confident about wot yer doin'. There's another almighty "upheaval" coming at some stage, current US Debt is $22.5 Trillion (!!!!!) www.usdebtclock.org/ And most/all of that is never going to be paid back. Go figure. 
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zlb
Member of DD Central
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Post by zlb on Jun 28, 2019 13:54:24 GMT
Just the thread I was looking for. I've pretty much had a disaster at FC and the sinking Provision Fund at RS isn't giving me much confidence either. As such, i'm thinking of getting out of P2P altogether and trying other things. I think I'm ever happier to see the words 'FSCS protected' in the current climate!
Last year I dipped my toe in the water and opened accounts at 2 robo-investors. The idea of S&S investing interests me but I'm a serious rookie despite reading around it which is why I decided to give the robo-investors a try and let somebody do it for me for a relatively low fee. Does anyone have any experience here and any advice? My current quandary is whether to simply put my P2P money into my cash ISA or invest heavier into S&S.
Stick with CASH in the Bank until you're confident about wot yer doin'. There's another almighty "upheaval" coming at some stage, current US Debt is $22.5 Trillion (!!!!!) www.usdebtclock.org/ And most/all of that is never going to be paid back. Go figure. UK % debt to GDP even higher. www.usdebtclock.org/world-debt-clock.html
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zlb
Member of DD Central
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Post by zlb on Jun 28, 2019 13:56:08 GMT
Just the thread I was looking for. I've pretty much had a disaster at FC and the sinking Provision Fund at RS isn't giving me much confidence either. As such, i'm thinking of getting out of P2P altogether and trying other things. I think I'm ever happier to see the words 'FSCS protected' in the current climate!
Last year I dipped my toe in the water and opened accounts at 2 robo-investors. The idea of S&S investing interests me but I'm a serious rookie despite reading around it which is why I decided to give the robo-investors a try and let somebody do it for me for a relatively low fee. Does anyone have any experience here and any advice? My current quandary is whether to simply put my P2P money into my cash ISA or invest heavier into S&S.
check out saversfriend.co.uk/index.htm
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aju
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Post by aju on Jun 28, 2019 15:56:06 GMT
Just the thread I was looking for. I've pretty much had a disaster at FC and the sinking Provision Fund at RS isn't giving me much confidence either. As such, i'm thinking of getting out of P2P altogether and trying other things. I think I'm ever happier to see the words 'FSCS protected' in the current climate!
Last year I dipped my toe in the water and opened accounts at 2 robo-investors. The idea of S&S investing interests me but I'm a serious rookie despite reading around it which is why I decided to give the robo-investors a try and let somebody do it for me for a relatively low fee. Does anyone have any experience here and any advice? My current quandary is whether to simply put my P2P money into my cash ISA or invest heavier into S&S.
check out saversfriend.co.uk/index.htmThats a cool one thx
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Post by propman on Jul 9, 2019 16:41:15 GMT
Has anyone used the Raisin Uk "Savings Market Place"? Slightly concerned about the set up as there are various introductory offers, but it is unclear in the online application how you make sure that you are eligible. Also there is a referral bonus. Is this in addition to the other ofers or instead? If the former, would anyone like to introduce me?
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djpix99
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Post by djpix99 on Jul 10, 2019 8:44:00 GMT
I signed up to Raisin over a year ago when the new customer offer was far more lucrative. My 1 year fix has now ended with Gatehouse Bank, the process was pretty smooth for me. The only negative for me was there is a delay at the opening and closing stages when the money is being sent from Raisin to the bank(around 3 days), then from to bank back to raisin(3/4 days).
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Post by drphil on Jul 10, 2019 18:34:13 GMT
Has anyone used the Raisin Uk "Savings Market Place"? Slightly concerned about the set up as there are various introductory offers, but it is unclear in the online application how you make sure that you are eligible. Also there is a referral bonus. Is this in addition to the other ofers or instead? If the former, would anyone like to introduce me? In the FAQs it says "No, claiming a refer a friend bonus does not prevent you from claiming another bonus offer at Raisin UK." But in the FAQs it also says "by taking advantage of our refer a friend bonus scheme, both you and your friend may each be entitled to a cash bonus." I take that to mean that you WILL be entitled to it if you meet the eligibility criteria.
Anyway, I am happy to refer you. I would need your name, location and email (by PM of course)
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zlb
Member of DD Central
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Post by zlb on Jul 11, 2019 13:56:25 GMT
re vanguard LIFESTRATEGY --- Their results make my question part way irrelevant.
But, I found this article which says they only have humans involved quarterly. I've written to Vg about this and they say that this is not the case - fair enough but why would this journalist say otherwise?
www.sharesmagazine.co.uk/article/understanding-vanguard-lifestrategy-funds-and-how-they-work
Anyway the results show that they are better than many others, but can anyone confirm their understanding of how often humans are involved in the lifestrategy funds?
In particular what do people think of the lifestrategy reflex speed to buy/sell events? And related, there have been points made about whether they are invested enough internationally - is that improving? Does that really matter, or have they only done well by chance?
I use to a small degree, a robo who do rebalance according to world events, and appear to use commodities and property.
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macq
Member of DD Central
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Post by macq on Jul 11, 2019 14:50:09 GMT
re vanguard LIFESTRATEGY --- Their results make my question part way irrelevant.
But, I found this article which says they only have humans involved quarterly. I've written to Vg about this and they say that this is not the case - fair enough but why would this journalist say otherwise?
www.sharesmagazine.co.uk/article/understanding-vanguard-lifestrategy-funds-and-how-they-work
Anyway the results show that they are better than many others, but can anyone confirm their understanding of how often humans are involved in the lifestrategy funds?
In particular what do people think of the lifestrategy reflex speed to buy/sell events? And related, there have been points made about whether they are invested enough internationally - is that improving? Does that really matter, or have they only done well by chance?
I use to a small degree, a robo who do rebalance according to world events, and appear to use commodities and property.
As usual i failed on the link again (ok i did not try ) but if you search for The Telegraph "Vanguard were nudging investors away from their UK bias " it mentions how often they meet etc
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zlb
Member of DD Central
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Post by zlb on Sept 25, 2019 9:31:45 GMT
Al Rayan is offering instant access at expected rate of 1.6%, paid monthly. Does anyone have experience of their products and their meeting the expected rate?
They have unprecedented demand for this account...
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