Separating bank accounts

jelliot

My wife and I have joint bank accounts but now wish to have separate accounts.

Reward, BoS Vantage, Nationwide and Santander 123 accounts.

What is the best way to go about this to gain the maximum switching bonuses?

eskbanker

As you can't switch joint accounts to sole accounts (when using the CASS service needed to qualify for incentives), you'll either have to switch them elsewhere as joint accounts and convert to sole after switching, or convert joint to sole first before switching.

You'll need to check the Ts & Cs of each bank concerned to establish if they support converting joint accounts to sole ones, some may insist on closure and opening a new account, so you may end up with quite a few steps in the process....

Dobbibill

Most allow you to put the request in writing.

Decide who is going to keep the joint as their future sole and who is going to open new.

Write to the bank concerned and make the request - both sign the letter.

Or open sole accounts each, transfer the funds, DDs, SOs, incoming payments like wages etc and then close the joint.

Or open sole and keep joint accounts too.

System

Best to keep at least a single joint account for joint expenses and credits e.g. cheques.