You are here: Home - Saving & Banking - News -

Staff must have our UK current account stipulates Royal Bank

Written by:

The Royal Bank of Scotland (RBS) has put its foot down and is now insisting that its workers must have their primary bank account with the company or face disciplinary action.

The bank has sent staff a letter, a copy of which has been obtained by the union Amicus, saying that salaries must be paid into an RBS-administered account. “Failure to do so will represent a breach of group policy,” the letter said.

Amicus accused the bank of “heavy-handedness” and noted that up to 14,000 RBS staff have UK current accounts with competitors.

But RBS replied that it explained to all staff at their initial job interviews they would be required to hold an RBS account and that this was part of the “overall reward package” on offer to them.

“In common with industry practice, our terms and conditions require staff to open a UK current account with us for the payment of their salary,” said a spokesperson.

“Our staff are at complete liberty to run accounts with other providers if they wish.”

Many of the problems have arisen because RBS has taken over such companies as Churchill Insurance and Direct Line, where many of the staff still hold their UK current accounts from pre-RBS days.

Amicus official Rob Macgregor said: “If you work for Tesco you won’t be disciplined for buying your groceries from Sainsbury’s. This is heavy-handed and disproportionate action from RBS and bad for morale.”




Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
The £9,500 house move hits homebuyers’ pockets hard

The average cost of moving home has gone up to £9,486 according to website Propertyfinder, which means the process has more than...