Switching joint account

Thatsadigger

Hello...

My partner and I use a joint account which was set up in his name and his ex's name. She hasn't used the account for years but hasn't written to the bank to have her name removed either.

I really would like to change bank accounts now to benefit from switching etc however I don't know how easy it's going to be do switch the DD's over? None of the DD's are in her name, only the bank account.

Can we set up a new bank account and manually transfer them or are we able to use a switching service?? I'm not sure whether her signature would be be required

Thanks

colsten

You cannot switch any account without the agreement of the account holder(s). You, or to be precise your partner, can change the DDs manually by informing the payees of his new bank details (after he has opened a new bank account).

Your partner should, at a minimum, ask the bank with whom he holds the joint account to put a block on this account. That is sensibly done after he has removed all money, all DDs and SOs, and made sure any incoming payments go to his new account. Ideally, the account should be closed so that the financial connection with his ex (recorded on his credit files) can cease to exist.

Thatsadigger

Thanks, once everything has been transferred he would close the account or block the account whichever was allowed.

So he wouldn't require a signature from her to agree to moving DD's? If that's the case could he not use a switching service?

xylophone

Open a new joint account in the name of you and your partner, say Santander 123 LITE.

Move the DDs manually to that account.

Close the old joint bank account - some banks allow one party to do this, others require both.

Once the LITE has been up and running for three months or so, use switch service to open a new joint account which offers a bonus etc.

eskbanker

Thatsadigger wrote: »

So he wouldn't require a signature from her to agree to moving DD's? If that's the case could he not use a switching service?

No - in order to use a switching service, the old and new joint accounts need to be in the same names.

Thatsadigger

Great, thank you for your help 🙂