Joint Accounts

patch9495

Good Morning Everyone,


Me and my partner are starting the process of housebuying and as such are looking at the idea of setting up a joint account for all household expenditure.


I have noticed the best current accounts on the market at the minute all require a complete account switch, in order to access the benefits.


My question is, due to the fact that this is our first joint account, and we do not have an exisitng joint account to switch, will we be required to switch our own existing personal current accounts, as this is something we would be less inclined to do, due to singular commitments, eg gym memberhsip only for me, and train tickets only for her etc.


Would the fact it is a new joint current account with 4+ direct debits be enough.


Thanks in advance

pramsay13

You won't be able to switch single accounts to joint accounts.
A lot of the good current accounts don't require full switching but have other requirements such as a certain number of direct debits, or a certain amount paid in, so go for one of these.
Alternatively open a normal joint account somewhere and start setting up your joint direct debits and then switch it in a few months to another joint account if switching is a requirement.

YorkshireBoy

pramsay13 wrote: »

You won't be able to switch single accounts to joint accounts.

That's incorrect. You can't switch joint to sole, but sole to joint is fine using the CASS.

badger09

patch9495 wrote: »

Good Morning Everyone,


Me and my partner are starting the process of housebuying and as such are looking at the idea of setting up a joint account for all household expenditure.


I have noticed the best current accounts on the market at the minute all require a complete account switch, in order to access the benefits.


My question is, due to the fact that this is our first joint account, and we do not have an exisitng joint account to switch, will we be required to switch our own existing personal current accounts, as this is something we would be less inclined to do, due to singular commitments, eg gym memberhsip only for me, and train tickets only for her etc.


Would the fact it is a new joint current account with 4+ direct debits be enough.


Thanks in advance

I'm not aware of any current account on the market which requires a complete switch in order to access the benefits.

However, there are several which offer a switch incentive, which obviously requires a complete switch. Is that what you meant?

What are you looking for from a current account? Cashback on utility Direct Debits? Interest? Access to high interest Regular Saver? etc

patch9495

Apologies yes this is what I mean. Prime example being the Natwest rewards £150 switching incentive and cashback on bills. Would we be able to gain this £150 if we did not have a joint account, currently to switch. See link below


https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#natwest

And we would be looking for cashback on utility bills with this account, as it will be used for household running costs,


Many Thanks

YorkshireBoy

patch9495 wrote: »

Apologies yes this is what I mean. Prime example being the Natwest rewards £150 switching incentive and cashback on bills. Would we be able to gain this £150 if we did not have a joint account, currently to switch. See link below


https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#natwest

And we would be looking for cashback on utility bills with this account, as it will be used for household running costs,


Many Thanks

Switch your sole account into a sole NatWest Reward account for £150.
Add your partner and make it a joint account.
Open a new sole account and move your personal DDs to it.

swindiff

Why not open a Natwest account each and double your incentive money?