Account Holder Credit History

In contrast to current accounts, savings accounts entail minimal risk for the bank or building society which offers them. Current accounts may, for example, have an overdraft facility available via which a customer could get into debt that they are unable to repay, and thus cost their financial institution money. A savings account on the other hand is essentially just a safe place for your funds, and rarely offers any credit options. Therefore, your credit history is not as important when applying for a savings account as when applying for a current account. It is at the sole discretion of the banking institution whether or not to accept an application for a savings account. Good credit history is not normally a stated requirement for an application for a savings account.