closing bank account when you work for that bank

synth

Hi guys!

A month and a half ago, I got a new job at bank X (are we allowed to mention names, especially when we work for them?) Anyway, at the time, I thought it was a good idea to open an account with them (it was optional, not mandatory) due to staff rates, discounts and wanting to build up some history with ~my~ bank so I could hopefully apply for a mortgage with them a few years down the line.

I guess I was quick to hop into opening a new account with them because understandably I was excited about my new job.

Now I just feel that I've made a mistake as there are other accounts that offer so much more. The Nationwide current account would benefit me greatly due to the in credit interest and fee free spending abroad and I like the idea of their credit card too, seeing as I travel quite frequently.

So my question is, would it be okay to switch banks in terms of my personal banking? Normally, I wouldn't give it a second thought but seeing as I work for these guys, I feel kinda strange about it. I know it's stupid, but I keep thinking if I do this the 'higher ups' will think I don't want to / don't appreciate working there which isn't true at all.

Any thoughts? Anyone ever been in the same position?

PeacefulWaters

Nobody will notice if you close it the way a customer would.

But why not set up a couple of small direct debts, fund it, and then transfer it to a competitor paying an incentive for your business?

Zanderman

If you're nervous about the impression closing gives then why close it?

If it's not right for you and you don't want to close it just keep it open but don't use it. Open a current account that does suit you somewhere else.

The only reason for actually closing a current account is if it's costing you money (i.e. has a monthly fee) or has a minimum pay-in each month (but you could still do that without 'using' it, just pay in and take it back out again immediately) or if you're using it to switch to another bank because of a switching incentive.

Otherwise no need to close at all. Just don't use.

gt94sss2

synth wrote: »

Now I just feel that I've made a mistake as there are other accounts that offer so much more. The Nationwide current account would benefit me greatly due to the in credit interest and fee free spending abroad and I like the idea of their credit card too, seeing as I travel quite frequently.

So my question is, would it be okay to switch banks in terms of my personal banking?

If you're worried about what your employer may think, why not just leave your account with your employer open and open/use Nationwide etc. for most of your banking?

Perhaps get your salary paid into it and then transfer the sum to Nationwide. That might also help you if you decide to apply for a mortgage with them at some time in the future.

Regards
Sunil

regprentice

You might find you are contractually obliged to have an account. You should check before you close your account. I've worked for a couple of banks in the past (rbs and halifax) and both required you to bank with them.

As pointed out you can still get your wages paid in and then transfer them out to another more useful account.

Interestingly ive been told that rbs/natwest are stopping this requirement from feb. Their quite laughable reasoning for this is that they want to compete for their staffs business on 'service offering' and 'quality' which is a fairly bs way of saying they are reducing/removing discounted products for staff. Banks are going through a hard time atm...again at rbs/natwest i'm aware they have a scheme to encourage staff to volunteer to paint and decorate branches at the weekends to cut costs. Hope you work for a better bank.

Good luck in your new job.

planteria

i wouldn't close it. i would leave it open, and potentially just not use it much.
i know in days gone buy it was expected that bank employees would have their accounts with their employer. even a credit card elsewhere was not deemed 'on'.

anoncol

planteria wrote: »

i wouldn't close it. i would leave it open, and potentially just not use it much.
i know in days gone buy it was expected that bank employees would have their accounts with their employer. even a credit card elsewhere was not deemed 'on'.

Dodgy legality there, but banks don't exactly bother with morals do they.

stclair

Just leave it open its not going to do any harm.

System

It is all linked to financial management as late payments and unauthorised overdrafts could be disciplinary issues!

Many people (even years ago) get paid into their staff account and then send it straight out to another bank for privacy.

I would suggest the OP just opens an account elsewhere and just asks for his/her salary be paid into that directly and leave the staff account dormant.

anoncol wrote: »

Dodgy legality there, but banks don't exactly bother with morals do they.

System

I thought the thread was going to be about bank employees being prohibited from opening accounts with their own employer because of fears of a conflict of interest.
But I suppose that would be too stuffy and old-fashioned for modern banks.

PeacefulWaters

Clifford_Pope wrote: »

I thought the thread was going to be about bank employees being prohibited from opening accounts with their own employer because of fears of a conflict of interest.
But I suppose that would be too stuffy and old-fashioned for modern banks.

Stuffy and old fashioned was when banks forced employees to have their current account with their employer.