changing bank accounts

no_money_4

Hi

I have just got a new job working for a bank (HSBC). One of the requirements is I have to open a bank account with this bank, this will mean moving from my current bank account (Natwest Current Plus) which which i have had for around 15 years, obviously the type of account has changed over the 15 years but has been with the same bank. I have been very happy with them and have a good size overdraft should I ever need it, also as far as i'm aware the overdraft facility is interest free.

Ok so what i wanted to know is what are the downsides in changing my bank? will it affect my credit rating? The other thing i was thinking was to keep my existing account and just transfer the money accross from HSBC to Natwest every month when i get paid? although dont know if i can be bothered with the hassle of this but are there any issues with doing this?

slup_2

I'd leave your banking where it is if you're happy. I doubt your new employer can actually force you to bank with them?

If they will only pay into a HSBC account and you really don't want to move banks, just set a standing order up to transfer your salary each month (or do it manually using faster payments).

no_money_4

Yeah the bank will only pay into a HSBC account, think i will just have to transfer the money monthly...

I take it there is no legal restrictions on having 2 current accounts?

Olipro

no_money wrote: »

Yeah the bank will only pay into a HSBC account, think i will just have to transfer the money monthly...

I take it there is no legal restrictions on having 2 current accounts?

yes there are, please hand yourself in to Miniluv for thoughtcrime doubleplusquick.

</joke>

you can have as many accounts as respective banks will let you have.

gt94sss2

no_money wrote: »

I have just got a new job working for a bank (HSBC). One of the requirements is I have to open a bank account with this bank, this will mean moving from my current bank account (Natwest Current Plus) which which i have had for around 15 years, obviously the type of account has changed over the 15 years but has been with the same bank. I have been very happy with them and have a good size overdraft should I ever need it, also as far as i'm aware the overdraft facility is interest free.

I would check your overdraft facility - from one of your old posts I think you graduated in 2005 - which means its extremely unlikely your overdraft will still be interest free, if the reason for this is that it was a student/graduate account

As mentioned, there is nothing to stop you holding two (or more) current accounts and transferring your salary each month.

One thing you may want to check is if HSBC offer any special deals/offers/products for staff and how your eligibility for those might be affected if you don't use its current account as your main one.

Regards
Sunil

mcdaly

It's a standard contract requirement of the banks to have your salary paid into one of their accounts. It's worth noting that staff accounts are normally monitored to prevent internal fraud and this is one of the reasons for this (although they probably haven't mentioned that part to you!).

No need to switch if you don't want to but they do offer quite good deals to staff so check it out.

Nothanks

If you graduated '05 that Natwest overdraft isn't interest free.

Many bank staff move their salaries from their employer straight to their "Real bank", me included! No problems or issues arising at all. As other posters mentioned though, you'll get good benefits of banking with your employer, so even if you don't use it as your main account you'll want to base savings or borrowing there for preferential rates.