switching incentives for joint accounts

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fenwick458
fenwick458 Posts: 1,522 Forumite
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edited 14 October 2019 at 11:02PM in Budgeting & bank accounts
Is this available for joint accounts, and if so with who?
can you get one incentive for a sole account and one for a joint account from the same bank?

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    fenwick458 wrote: »
    Is this available for joint accounts, and if so with who?
    can you get one incentive for a sole account and one for a single account from the same bank?
    Q1. I've only ever seen two offers specifically exclude joint accounts. But switching a joint is just throwing money away! See below.

    Q2. I'm reading between the lines (because you didn't proof read before posting) but the answer is no.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    You can get an incentive from any bank as long as you switch a joint account to a joint account or sole to sole.
    I think you will only get one incentive per bank per person but check the terms and conditions first to see if you can find any loopholes.
  • Geht_fit
    Geht_fit Posts: 33 Forumite
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    I've switched 2 joint accounts this year. Lloyds to HSBC, and Co-op to Barclays. This makes sense for us, as we pay 2 direct debits out of each account. We gained switching bonuses with both accounts.
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,731 Forumite
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    Usually you can switch a joint account for an incentive. However, as most offers typically pay only 1 incentive per account AND per person, this will disqualify BOTH account holders from receiving further incentives. The best way to maximise switching incentives is usually to both open a sole account each and switch, receiving 2x incentives total, and once the incentives have been paid subsequently make one of the sole accounts into a joint one.
  • soulsaver
    soulsaver Posts: 5,998 Forumite
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    PRAISETHESUN wrote: »
    Usually you can switch a joint account for an incentive. However, as most offers typically pay only 1 incentive per account AND per person, this will disqualify BOTH account holders from receiving further incentives. The best way to maximise switching incentives is usually to both open a sole account each and switch, receiving 2x incentives total, and once the incentives have been paid subsequently make one of the sole accounts into a joint one.

    Note that Lloyds (and maybe others) require a branch visit by both to convert a solo ac to a joint.

    Strangely Halifax don't, IIRC.
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