Switching a joint bank account

Yes, a joint bank account can be switched, but only to another joint account. The Current Account Switch Service works for joint accounts provided you are switching to another joint account and all account holders agree¹. It is not possible to use the service to switch a joint account to a sole account².

The names on the new account have to match the names on the old one. Ulster Bank puts it plainly: "If you are moving a joint account, this can only be switched to a joint account in the same names"³. HSBC says the account holders must be the same for both accounts⁴. So a couple moving their joint account to a new bank keeps the same two names on it.

What you can do is go the other way. A sole account can be switched into a joint account, and Halifax confirms you can switch either a solo or joint account from a previous bank into a joint account with it, as long as both people's names are on the new account before the switch⁵. The switch service itself is free to use, and you choose and agree your switch date with the new bank⁶.

What both account holders need to agree and provide

A joint account normally lets two or more people receive payments, pay by debit card, transfer money and manage the account, depending on the bank¹. That shared control is why switching one takes more than one person's say-so.

The switch service requires permission from any other account holders before you switch⁹. Bank of Ireland's terms are firmer still: requests to close or switch a joint bank account must be authorised by both or all parties to the account¹⁰. Starling asks both of you to confirm the switch in the app¹¹.

In practice, what each bank asks for varies. Nationwide, for example, asks both the existing and new account holders to be on the call together, either in person or by conference call, when adding someone to a sole account¹². Halifax asks for details of the account you are switching from, such as your debit card, home address, income details and any arranged overdrafts on the account⁵.

Two things follow from this. First, both of you need to be contactable and willing at the point of switching, so it is worth agreeing the plan before either of you starts an application. Second, because each holder can withdraw money without asking the other, a switch is also a moment to check that you both still want the same thing from the account¹³.

How to switch a joint account, step by step

The mechanics are the same as any switch: you apply for an account with a new bank or building society, and it moves your accounts and payments for you¹⁴. The difference is that both holders are part of the process.

1. Open the new joint account first. TSB's process is to open a joint account, then tell the bank the details of your old bank and it does the rest¹⁵. Halifax asks for the same details up front⁵.
2. Both holders confirm. Depending on the bank, this is done in the app, on a call together, or by giving permission¹¹.
3. Ask for the switch. You can use the Current Account Switch Service, or apply for a new joint account that includes a switch option⁴. You can also ask your new provider to transfer your balance and all your incoming and outgoing payments over¹⁶.
4. Agree the switch date. The service is free, and you choose and agree the date with the new bank⁶.
5. Let the payments move. Under the service, standing orders and Direct Debits are transferred automatically, your money moves, incoming payments are redirected, and the old account is closed¹⁷.

If you move accounts without using the switch service, you have to do more yourself: open the new account before closing the old one, cancel or move standing orders and Direct Debits, return unused cheques and cut up old cards, and leave enough money to cover uncleared cheques if you are transferring a balance¹⁹.

Switching with an overdraft on the joint account

You can switch using the Current Account Switch Service even if you are overdrawn⁷. What happens to the overdraft depends on whether the new bank will give you one.

If the new overdraft covers what you owe, the funds are sent to your old bank and you owe the overdraft balance on the new account instead. If it is a lower amount, or you cannot get one, you need to arrange to pay off the remainder separately before you can switch or close your old account¹⁶.

There is a second point that matters more on a joint account than a sole one. Everyone named on the account is equally responsible, and the bank could ask you to repay overdraft borrowing run up by another holder¹. StepChange states it directly: "You are both responsible if the account is overdrawn"²⁰. Independent Age notes that if you are currently overdrawn, you might not be able to switch bank accounts until you have paid off the overdraft²¹.

Where a joint switch does not work: joint to sole and changed names

The hard limit is joint to sole. Triodos states it is not possible to use the service to switch a joint account to a sole account²², and Which? confirms you can only switch to another joint account held by the same people⁶. Nationwide cannot transfer a joint account to a sole account abroad as part of its process²³, and OakNorth says transfers between joint and sole accounts are not possible right now²⁴.

If you want the account in one name, the route is different. Halifax's position is that you cannot switch a joint bank account into a solo account until the second party is removed from the account⁵. RBS, dealing with bereavement, updates a joint account to be in the surviving holder's name only, and the account keeps working as before²⁵. That is a change to the existing account, not a switch.

There are also limits on how many people can hold certain accounts. No new National Savings Bank account may be opened in the names of more than two persons²⁶.

A related trap sits on the savings side: you cannot change a sole savings account into a joint savings account²⁷. If you want a joint savings account, it has to be opened as one.

Will switching a joint account mean a credit check on both of us?

Opening a joint account adds a financial link to the other person¹. That link means lenders look at both credit histories when either of you applies for credit, and a poor history on one side might lower the chances of acceptance¹.

The risk runs both ways. MoneyHelper warns that a joint account should only be opened with someone you trust, because it could damage your credit score if they have poor credit, and you could be responsible if they run up debt²⁸. The bank will usually run a credit check when you open an account, looking at your credit history, including whether you have had problems paying money back¹⁶.

Closing the account does not undo the link. Closing a joint account will not remove the link to the other person from your credit file¹. If there is no other financial connection between you, you can write to the credit reference agencies to request a disassociation from that individual once the joint account is closed²⁹.

Can we get a switching offer when moving a joint account?

You can qualify for a switching offer on a joint account, but the bonus is not doubled. Cash incentives are usually limited to one payment per account, so a couple does not receive double the bonus for switching³¹.

The conditions are the usual ones. Some deals require a minimum number of direct debits or a certain amount to be deposited each month to qualify, so it is worth checking the terms carefully before making the move³¹. Because a joint account can carry both people's Direct Debits, a couple may find it easier to meet a direct debit condition than a single holder would, but the payment itself is still one per account.

FSCS protection: up to £240,000 on a joint account

If a bank fails, money in a joint account is protected by the Financial Services Compensation Scheme. A joint account with two holders is protected up to £240,000, because the £120,000 limit applies to each eligible person⁸. MoneyHelper puts it the same way: two account holders could deposit £240,000 safely¹, and the current account guidance gives £240,000 for any joint accounts³².

The FSCS confirms joint accounts are eligible for protection up to the same limit of £120,000 per eligible person³³, and its leaflet states FSCS would protect up to £240,000 of savings in a joint account³⁵. Which? gives the same total: coverage of £240,000³⁶.

That last point is the one couples most often miss. Two people with a joint account and two individual accounts at the same banking group do not get three separate pots of protection. The individual and joint balances are added together and measured against the limit.

If the switch goes wrong

If the two of you disagree about the account, you can ask your bank to register a dispute and cancel the mandate, which freezes the account until everyone agrees how to split the money¹. That is the mechanism to use when a relationship has broken down and one holder wants to move or empty the account.

If the problem is with the bank rather than between you, complain to the bank first. If it is not resolved, the Financial Ombudsman Service can look at it. Where a joint account is closed, you can write to the credit reference agencies to request a disassociation from the other person²⁹.

For free, impartial help with money problems, MoneyHelper offers guidance on joint accounts, switching and overdrafts¹. StepChange provides free debt advice, including on how joint debts affect you²⁰.