Maximise Switching Returns with a Joint Bank Account

WylieCoyote

How do a married couple go about splitting their joint bank account into multiple sole accounts in order to benefit from the new switching rewards on offer please ?

PeacefulWaters

Retain the joint account.

Open a sole account each, the normal way.

Organise some direct debits to operate from each new account by contacting the originating companies directly.

Fund as required. Perhaps a monthly faster payment. Then send the funds back (minus the amount needed to cover the direct debits you've moved manually).

Let the new accounts bed in for a couple of months.

Then join the switching merry go round as and when value arises.

Mogley

I agree with PeacfulWaters on this. Keep your joint account and open a sole account each. Using your current bank is normally seen as favourable to do this but I used a different bank to my existing one.


You do not need to let the new accounts bed in for a couple of months. Once you have your account number. sort code and debit card you can start switching. If you need direct debits to receive the switching bonus, ensure these are setup before starting the switch.