Switching Joint Current account

mfijohn

Hi everyone
I am looking to take advantage of the NatWest current account switch, I have asked about this before and received good advice. Now I have come across another issue, the account I want to switch is a Joint account, and yes the other account holder is happy with this. However when I got the dedicated Natwest switching service,  I see the following instruction on their switching service.....

1. "You can either add the second applicant to an existing account, or if you’d like a completely new account, one of you can open a new account and then add the second applicant once it’s open ?...............How will this work when they try to switch the money and DD's from the Joint account I am switching from? I called into the Bank I am switching from to change it to a sole account, but they said they couldn't do this, as I had changed it from a sole to Joint, and they can only change it once. I was going to make it main account, but then after changing to a joint, we decided not to bother as it meant a lot of messing with DD"s and standing orders etc, as we hadn't switched it from our main one.

Slinky

It works absolutely fine. I've just completed today on a new joint Natwest account, transferred in from Santander joint. We were both existing customers of NW. I opened a new Select account in my name, then added him as a second account holder (slightly fiddly but got it sorted eventually), then applied to move our joint Santander account over. All the direct debits and standing order should move across as easily if it were single account holders.

mfijohn

Excuse my lack of Brain power Slinky,    so I fill in the "switch" as a sole account switch? Then Natwest switch it as  sole, then I add my wife later?  Last time I did it, we ran into all sorts of problems, trying to switch to another bank because it was joint account, and I'd asked to switch it as a sole account.  I don't want to miss out on the Switch Bonus, I'm only switching for that.

Slinky

No you open a new account with NW in a single name, then add the second account holder so it's a joint account, then you apply for the transfer from the existing account. If you have an existing current a/c with NW as a single holder, you could add a second holder to it, but it makes more sense to open a new account as you then have another 'donor' account to move on elsewhere for another bonus at some point.

 If you try transferring a joint to a sole, they won't do it.

PRAISETHESUN

If you're looking to take advantage of a switch incentive, then I'd highly recommend that each account holder does a sole switch - that way you will both get the reward each. After that you can convert one of the accounts to a joint one, to then do a second switch for your joint account (which won't get any reward, but will close the old joint account).

WillPS

PRAISETHESUN said:

If you're looking to take advantage of a switch incentive, then I'd highly recommend that each account holder does a sole switch - that way you will both get the reward each. After that you can convert one of the accounts to a joint one, to then do a second switch for your joint account (which won't get any reward, but will close the old joint account).

This! Other than Nationwide every switching bonus is structured such that a pair will get twice as much switching individually than they will for switching a joint, leaving easy money on the table. Nothing to stop you then following up with a joint switch.