Transferring a joint bank account to a single.

mintymoneysaver

My husband and I have always had a joint bank account (HSBC)for our bills ( including food and petrol) which we both paid into, the bills came out of and it's run that way for the past twenty years! However we have recently seperated, so I am now looking for a new account to do this. I have my own Reward account with Halifax and I did look at their basic current account, but they charge interest per day, and I want an account that just charges an interest rate for overdrafts rather than a flat fee. It needs an overdraft because there are usually a couple of days at the end of the month where the bills are coming out just before the money goes in. Hopefully with a new account I can sort this out, but it needs to have the overdraft there just in case.
I also wanted to use a switching service, but can I switch from a joint account to a single one, or do they have to be in the same name? It will be having over £1000 a month paid into it. I know it's alll coming out of my wages now, but I like knowing my bills are taken care of before I see what money I have left in my own account for any treats.
Anyone done this, and any suggestions for a good account? Or would it be sensible to just stay with HSBC and change it to a single account, but would all the direct debits etc have to be changed then?

steve1980

To change an account both parties have to sign the form.

IF you qualify for an overdraft you could go to First Direct as they offer a £250.00 fee free overdraft.

mintymoneysaver

It wouldn't be a problem both of us signing a form, it is an amicable seperation.
£250 would probably be fine as a buffer, thankyou. I was with First direct a good while ago so wouldn't get the £100 reward for switching, but I also wouldn't be paying in £1500 so would there be a charge?

steve1980

As long as you open up a savings account with £1.00 in it then they waive the fee, just double check the T & C's on their website.

As you already have a HSBC account then it should be pretty straight forward.

mintymoneysaver

So if I open up a single account, and a savings account, does anyone know if there would be any issues with using the switching service from a joint account to a single? We could then close the joint account at an amicable time.

pinkdalek

mintymoneysaver wrote: »

So if I open up a single account, and a savings account, does anyone know if there would be any issues with using the switching service from a joint account to a single? We could then close the joint account at an amicable time.

Probably yes there would be. Why not ask your bank to remove your husband's name from the joint account, once they've processed this there would not be an issue.

jonesMUFCforever

mintymoneysaver wrote: »

So if I open up a single account, and a savings account, does anyone know if there would be any issues with using the switching service from a joint account to a single? We could then close the joint account at an amicable time.

You categorically cannot use a switching service for a joint account to sole between two different banks.
The account names have to match!

As others have said - get the appropriate form from your present bank - both of you sign it for one person to be removed and then transfer if you need to.