Advice on switching from a joint account with very specific conditions

romanessa

Good evening, all. I find myself needing some advice regarding the switching process.


A few years ago, I opened a joint account with Barclays which, for several reasons, turned out to be more hassle than it was worth and so I and the other account holder gradually abandoned it. We've often discussed the possibility of just closing it (as the bank is getting irritatingly insistent on getting us to expensively upgrade, although the T&C are clear that if we just want to leave it there, we have that right), but never got around to actually doing it.


Now, with all these switching incentives on offer, I've been wondering if I couldn't use it for a switch (as at the moment I really can't spare any of my other accounts, and I confess I'm uncomfortable with the notion of opening a new account for the sole purpose of switching from it in a month or two - no judgment meant on whoever does it; it's just something I'd personally like to avoid).


From what I can gather, I see three snags:
1. It's a joint account: the other account holder doesn't object to a switch, but the switching process seems to suggest you can't switch from a joint account. Or does this apply only for switching from a joint account to a sole account?


2. The account was opened abroad: I live in London, but the other account holder lives on the continent, and the account was opened on my holidays. I didn't hide my residential status from the bank when opening the account, and nobody seemed to care (possibly because it's a Barclays account and I can access it from here without problems?), but I can't find any info on switching from international accounts and I'm guessing
the rules don't allow it...


3. As mentioned, the other person lives abroad. Even if it were possible to use this account for switching purposes (presumably to a similarly joint account, which would not be a problem), even with it being an international account, I notice many (if not all) T&Cs for the banks whose switching deals interest me explicitly demand both account holders be UK residents.


I don't argue against the logic of their rules, but now that I'm trying to bank a bit more proactively, I do wonder if there is anything I can do to use this account more profitably, or if my only options really are to leave it as is or close it (seems such a waste!).


Does anyone have any suggestions/advice? I'd much appreciate either.

Archi_Bald

Why don't the two of you just close the unwanted account?

Switching an international joint account to a UK sole current account fails on a lot of points, such as: the switch service and guarantee is for UK bank accounts, not international accounts. You can only switch joint to joint, and sole to sole. You cannot open a UK mainland current account if you are not a UK resident.

grumbler

romanessa wrote: »

...
From what I can gather, I see three snags:
1. It's a joint account: the other account holder doesn't object to a switch, but the switching process seems to suggest you can't switch from a joint account. Or does this apply only for switching from a joint account to a sole account?

It's the latter.

2. The account was opened abroad: I live in London, but the other account holder lives on the continent, and the account was opened on my holidays. I didn't hide my residential status from the bank when opening the account, and nobody seemed to care (possibly because it's a Barclays account and I can access it from here without problems?), but I can't find any info on switching from international accounts and I'm guessing
the rules don't allow it...

It's not obvious. E.g. Natwest offer switching to them and mention the current account switching service in the 'offshore' section of their website: http://www.natwestinternational.com/nw/offshore-banking/current-accounts/g2/switching-to-us.ashx

3. As mentioned, the other person lives abroad. Even if it were possible to use this account for switching purposes (presumably to a similarly joint account, which would not be a problem), even with it being an international account, I notice many (if not all) T&Cs for the banks whose switching deals interest me explicitly demand both account holders be UK residents.

I am in the process of converting a joint account with Nationwide to a sole one, and all they want is a signature of the second person on the form.

Does anyone have any suggestions/advice? I'd much appreciate either.

It's pretty common now just to open a new account specially for switching it.

romanessa

Thank you both for the prompt replies and the clarifications!