How To Open A Secret Bank Account

By BankBazaar | July 24, 2019

There are a few reasons why a woman might want to have a secret bank account. In the eventuality that you do need one, here’s what you should keep in mind.

How To Open A Secret Bank Account

Do you belong to a family where you’re expected to hand over your salary every month to them, no questions asked? Or maybe things aren’t going so well with your marriage and you need to start saving up, quickly and quietly, in order to make yourself financially secure. Whatever the reason, if a secret Savings Bank Account is the order of the day, here’s a ready reckoner to help you open and maintain your account.

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What is a secret bank account?

A secret bank account is really just a regular bank account. The only difference is that the people in your family don’t know of its existence.

Additional Reading: What Is A Minimum Balance Savings Account?

Why does one need a secret bank account?

This depends on your circumstances. If, for example, you’re obliged to give all your money to your in-laws, husband or parents, but you feel that you need to put aside something for yourself, a secret bank account can help avoid unpleasant and awkward conversations with the rest of the family.

How to open a secret bank account

Opening a secret bank account is just like opening a regular bank account where you provide the bank with your details and some identification. To ensure that the existence of the account remains a secret, it might be better to open it at a branch some distance away from your home. Another option is to open an account online.

Additional Reading: Top 6 Savings Bank Accounts Of 2019

What about KYC?

When you open an account, the bank will require a KYC to be done and you may have to meet a bank representative to do this. Arrange to have this completed at your office. It only takes a few minutes to complete so it won’t interrupt your work.

What should I keep in mind when opening my account?

  • When you open your bank account, the very first thing you need to do is not talk to anyone about it – the more people that know, the less likely the account is going to remain a secret.
  • Something else you should do is to make sure you do not opt for paper account statements. Request to have all statements delivered to your email address. You wouldn’t want mail from the bank to expose your secret!
  • Once you open your bank account, don’t access it from a shared device like a computer or tablet. In case you only have shared devices, make it a point to delete your browser history every time you access the bank website.
  • Better yet, access your account on your phone. Don’t forget to adjust your phone settings so that your notifications and sms alerts don’t pop up on your screen.
  • In case your account comes with a cheque book and ATM card, find a safe and private place to keep them.
  • Avoid paying for shared expenses using the shared account. Make it a point to only use this account for payments that do not involve your family.

Additional Reading: How To Pick A Savings Account Best Suited For You

How to get cash into the new account

Now, it might be a little difficult to get your existing funds into the new account as your family will already be aware of how much you earn. But if you get a raise, you can check with your employer if it would be possible to deposit the increase into your new bank account.  

What if I want to close my account?

Like any account, if you want to close it, the bank will need you to visit one of their branches. They might ask you to destroy your cheque book and ATM card in front of them or they may ask you to sign a form saying that you have destroyed them. The good thing is that quite a few banks allow you to close your account at any of their branches. So, make sure you choose one where you’re not likely to be seen by friends or family.

Additional Reading: Pros And Cons Of Multiple Savings Accounts

Now that you know how to open a secret bank account, may we interest you in a secret Credit Card, Personal Loan or Home Loan? Click on the link below to find out more.

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Category: Money Management UCN
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