Iffy Credit Score

[chrissa1]

If you have a not so good Credit Score and wanted to open a Joint Savings Account at a bank with someone with a good CR, would it be considered badly by the bank?

Also, if two young people want to save for a house and one already has an ISA with quite a lot of money in it, would it be more advantageous to put all their savings in there, or open a new account that they both put into? TIA

[factor-fiction]

It's better to have an ISA each I suggest- that way they can both benefit from the ISA annual tax free limit. It also depends on the interest rates- some offer a tiered rates so it could then be better to put as much as possible in that one first

[chrissa1]

So an iffy Credit Score won't affect them, if they opened a
Savings Account?

I take your point about the ISA.

[factor-fiction]

I don't know what credit checks bank do but I'd be surprised if there would be an issue for a savings account since I don't think there is a risk of a savings account getting to an overdrawn position

[ubasses]

Depends by what you mean by iffy credit score. If no county court judgements, there is a good chance that a savings account could be offered, which would then help to improve the score if conducted well. As Factor said if they have an ISA each they then double the tax free allowance they can save each year.

[chrissa1]

That's what I thought factor. Thanks.

[chrissa1]

No, no CCJ's at all. Thanks.

[themas]

chrissa

There is no connection between a straightforward savings account and credit reference checks. A savings account is notsomething which can lead to the account holder owing money so there is no reason for the bank or other provider to do a credit check. They do do identity checks - asking for documents etc. & checking the electoral roll.

[chrissa1]

Thanks themas.