Can I do this switch?

sun-n-moon

I'm the main account holder with a Santander 123 current account. My wife also runs a 123 account with me as the main account holder. Her account has £40+k sat in it earning no interest as it is inactive. But she is paying the £5 a month charge. I wish to transfer this money to a savings account in her name in another bank and close her 123 account. Is it possible to switch a current account to a savings account with another bank online? In the past Santander has blocked my account when I tried to transfer some money to my son and it was a nightmare contacting them to restore it.

PRAISETHESUN

The clue is in the name - Current Account Switch Service. You cannot switch between savings accounts. You'll need to open a current account with another bank in order to switch away from Santander this way.

xylophone

My wife also runs a 123 account with me as the main account holder.

It is a joint account.

Why not transfer most of  the cash in the account (using faster payments) to a new savings account in your wife's name and then switch the 123 account to a new current account for a switching bonus?

Example Lloyds Bank.  https://forums.moneysavingexpert.com/discussion/6188637/lloyds-bank-100-switching-offer-ends-9-nov-2020#latest

She might consider the new Skipton savings account - 1.2% (variable) for a year.

https://www.skipton.co.uk/savings/easy-access/online-bonus-saver

or she might consider opening an Income Bonds account and a Direct Saver with NS&I, setting up so that the monthly interest from IB is paid into DS.

https://www.nsandi.com/

sun-n-moon

Thanks for the feedback. Appreciated.