So I’ve had an HSBC online savings account for a couple years now. Their interest rate dropped to 1.85 recently, and the GMAC online savings rate is at 2.50%. So I figure I’ll open a GMAC account, then keep 2/3 of my money in whichever has a better rate at a given time.

I went thru GMAC’s online application process, then today I call them thinking I’ll finalize the process and transfer in the funds.

After giving my info, the CS rep asks me to hold, says something about a ‘problem with my deposit history’ or something. When she gets back she says they have to have another office check me out. Apparently because I have no credit history. They’ll call in 4-6 days.

Okay, so I’m 35 and have never used credit for anything, never taken a loan. I actually just last week opened a secured credit line with BoA so I can change that (better late than never), even though I have no use for credit and establishing it is only gonna mean an extra bill to pay along with the CC fees.

So I save my money and live within my means. Really my credit should be golden because I owe nobody money, and I’ve kept my debit card/checking account balance above the minimum (00) like forever to avoid the maintenance fee. But I digress.

What the heck does good credit have to do with opening a savings account??? I’m trying to give them my money, not asking them for money!!!

Can anyone explain this nonsense? Will they refuse my money because I’ve no credit history?

10 points for best answer… if it matters to yas.