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Parachute account

Andyorch

'Parachute account' describes a second bank account opened expressly in order to avoid retaliatory action by a customer's usual bank once a bank charges claim had been commenced.

The term 'parachute account' was first used in this sense by BankFodder on the 22nd February 2006 and has since become part of general usage in this context.
Since then 'parachute account' is used regularly by Martin Lewis of MoneySavingExpert.com and also by the National press.

Aliases

  • parachute account
  • parachute
  • alternative banking account


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