Nationwide joint account or adding to current account?

soplum

Hi all,

My partner and I are looking to open a joint account with each other for our mortgage. 
He is currently with Nationwide, he as 1 current account he uses daily and 1 for Direct Debits.

We would like to keep the same system going.

If he adds me to his current account, will it automatically become a joint account? 

Or will we need to create 2 new joint accounts from scratch and swap over Direct Debits into them?

Any advice in reference to this or joint accounts that would be great!

TIA

p3ncilsharpener

If you can be added to their sole account it would then be a joint account, yes.

colsten

https://www.nationwide.co.uk/current-accounts/help/get-joint-current-account

soplum

colsten said:

https://www.nationwide.co.uk/current-accounts/help/get-joint-current-account

Ah yes, this is where my question originated from. Ideally we don’t want to close his current account, just add me to it to create a joint account. 

However on the website where it says “add someone to your account” it is unclear whether I will have the same rights to the account as them and it also states that creating a joint account is another option. 

So to rephrase my question: what is the difference between adding someone to the sole current account to creating a joint account?

mab3000

Being added to a sole current account will then make the account joint, meaning you will have the same rights as the other account holder. And will retain the same sort code and account number. 

From what I make of the information on Nationwide website, they are giving the options for alternatives to adding someone to an existing account, in case the original account holder is not sure that they want someone else to have full access to the account, including opening a separate joint account. 

Bear in mind either making an existing account joint or having a separate joint account will create a financial association between the both of you on your credit files, which will be seen  when either one of you applies for a credit product. 

colsten

mab3000 said:

Bear in mind either making an existing account joint or having a separate joint account will create a financial association between the both of you on your credit files, which will be seen  when either one of you applies for a credit product. 

As a joint mortgage is mentioned, OP will already have a financial relationship with their partner.