Are you allowed to have more than 2 current accounts?

Fedz

I had 8 at at my height 2 full & 6 basic

Past couple of weeks however I've had a 'prune' & shut the 2 full & 4 basic & stayed with Nationwide as my main current account (Flex CC+) & Co-op.

davidgmmafan

"The one point I would note though is that you mention your employer insists you have one with a certain bank? I don't actually think thats allowed these days, I know years ago it was the case with some bank employees, but that was changd a number of years back."

I assumed this was the case, but took a right hammering on CAG when I suggested that the employer shouldn't be able to force a specific account on employees. The bank is question was RBS. Most people seemed to think that it was not a big deal as you can transfer it to another bank of your choosing, but my take was why should you have to?

And if the goal is to foster employee engagement with the company surely the point is to have products and services that appeal to staff and customers in general, not force them to have one?

YorkshireBoy

AnonymousForObviousReason wrote: »

One reason an employer might want employees with a particular bank is so they can transfer wages in from the same bank in quicker, that way they can keep the cash a few days more.

If they pay by BACS Direct Credit, as most companies do these days(?), then that's a simultaneous debit/credit anyway...so nothing gained for the employer.

exel1966

Ghostrider wrote: »

You can have as many current accounts as you wish, I wouldn't advise it

Why wouldn't you advise it ? My 13 current accounts work rather well for me !

If you want to run your finances through a bank of your choice then you are well within your rights to tell your employer where you want your salary paid, not the other way around!

No you're not if it's part of the company t&c's/agreements that a salary is paid into a particular account. There is however nothing to stop the employee immediately moving the salary elsewhere.