Why won't my bank let me turn my current account into a joint account?

R_Jackson

I'd like to make my current account a joint account with my husband so that after my death the account will continue to operate and continue to pay important direct debits. The bank says that I will have to open a new joint account and that they cannot transfer the direct debits in the same way they would if I was transferring from one bank to another. I am happy with my bank in all other respects and do not want to switch. My husband also uses this bank and he too would like to make his current account a joint one, although we both want to continue using the accounts separately as we do at present. Does anyone know if this is a banking regulation or just this particular bank's foible? Thank you

Nasqueron

You want to turn your account into a joint account but also use it as a sole account? 

Starling have a service where you can have joint and solo accounts like this, you just switch between them in the app but it doesn't solve your issue of the DD etc. Opening a new account rather than converting may then necessitate choosing another bank if yours won't - though this seems quite long winded if you otherwise like the bank. Perhaps it would be easier just to open the joint account and then manually move the DDs

lisyloo

We have a joint account for food/bills etc. but seperate accounts.
This works for us because we don't have to consult each other all the time about personal purchases and also sometimes you might want to keep a purchase secret e.g. a gift.

I would suggest you open a bank account and move the DDs. There can't be too many for utilities, water etc.

PRAISETHESUN

Which bank out of interest? It sounds like you're going to need another account in either case. If you want to convert your sole account to a joint one then you'll need a new sole account, otherwise you need to open a new joint account. You can't have a single account that does both sole and joint - they will each need to operate separately of each other, with different account details, etc.

The bank is correct that they cannot easily transfer payment/DDs/etc between accounts at the same bank, as the CASS doesn't work that way - it's designed to switch between banks not within a bank. If you cannot easily convert your sole account into a joint one then you will need to move payments to your new account manually by contacting every company you have a DD with to update your bank account details with them, and also setting up new SOs as required.

Alternatively a convoluted workaround would be to open a new joint account with bank 1, switch your sole account to bank 2 (any other bank you can open an account with), then switch the account from bank 2 into your joint account with bank 1, and finally open a new sole account with bank 1. But in this case you might as well just open a joint account with a different bank anyway.

DE_612183

I think what the OP wants is two joint accounts - but they will operate them as sole accounts - hubby will have a card for the new joint account but will never use it.

I opened a sole account with RBS and used to have one for FD - easy enough to change to joint when I got married - although my wife never used the account.

Misslayed

DE_612183 said:

I think what the OP wants is two joint accounts - but they will operate them as sole accounts - hubby will have a card for the new joint account but will never use it.

I opened a sole account with RBS and used to have one for FD - easy enough to change to joint when I got married - although my wife never used the account.

This is exactly what Mr. M and I have with First Direct. We each had a FD account, and changed both to joint accounts by telephone (took aaaaaages because she had to read out ALL the T&Cs! At least we were sitting on our own settee with a cup of tea.  But it was in lockdown, so maybe they had different rules). So now we have two joint accounts, he uses one as a sole account, I use the other. It’s purely to make the other’s life easier when one of us dies - inevitably. 

Stargunner

Open a joint account, then you can transfer your direct debits over to it. It is easily done, either online or by calling the business..
Then you can choose whether to keep your sole account open or close it.

Rob5342

I'd suggest just moving the direct debits manually, it's a bit backwards in this day age, but thats how banks are. It shouldn't be too much effort if its just bills etc, with most companies you can do it by logging into your account. Do a few at a time so you can keep track of them and before you know it they will all be transferred over. 

grumpy_codger

PRAISETHESUN said:

Which bank out of interest?

Indeed, which? 
Converting a joint account into a sole one can be a problem, but I've never heard about any problems with converting sole into joint.

ZeroSum

grumpy_codger said:

PRAISETHESUN said:

Which bank out of interest?

Indeed, which? 
Converting a joint account into a sole one can be a problem, but I've never heard about any problems with converting sole into joint.

Virgin won't let you do it, they made me set up a new joint account. Then they made a mess of it by making it joint with myself.

maxximus75

It could be because the type of account and they may not be able to change it into a joint.  

If it’s an old account t then this can certainly be the case.

Even after death I believe the account will still pay existing direct debits etc?