Opening bank account: self-employed, unemployed or part-time employed?

blueberries19

I recently graduated from university and I want to open a new bank account to get better perks (I am looking at the Nationwide FlexAccount). However, I am unsure how to enter my employment status.

At the moment my only income is from a contracted position at a very small company with a very informal arrangement. So I am self-employed, but I can't select this option as I am not a registered sole trader; I never registered since I haven't been anywhere near the tax threshold and until very recently I was still a student. I could put that I am part-time employed, but since I don't have an official employment contract I don't think this would be right. Yet it also seems misleading to say I am unemployed, so I am reluctant to do this. For the record, I have quite a lot of savings and intend to go down the route of further self-employment in the future rather than looking for a full-time job (but of course I intend to follow more formal procedures).

Do I need to wait until I either register as a sole trader or have an official employment contract before I register with another bank account? Or am I just overthinking this and can just put myself as unemployed or part-time employed?

18cc

You are definitely not employed or part-time employed

it seems to me as though you are self-employed

it doesn't matter that you haven't registered or anything if you are below the tax threshold

from the point of view of opening an account if you work for yourself even if you only do it one hour month you are self-employed

Zanderman

I agree with 18cc - you are self-employed.

And the fact you've not registered as self-employed with HMRC yet - or indeed may never do so if you don't stay self-employed - is irrelevant.

The bank are asking you about your income, not about your tax status. Your tax status is not their business.

For the record btw, as someone who is self-employed and is part of two business partnerships and is part-time employed and is drawing a pension (all very modest incomes btw) I always just say 'self-employed' when opening bank accounts. The whole scenario is far too complicated and their forms wouldn't take it anyway.