But if you want to close the joint account for some reason, how do you go about it? Will you both need to do this or can just one person close the account?
Splitting up: Going through a break up or a divorce can be tough and there is usually quite a lot to deal with. But once you have sorted out what is happening with your house and all the bills, you will need to decide what to do with your joint account.
It is important that you do this together as the money in the joint account belongs to both of you. One of you can’t close the account on their own until you have decided who gets the money.
If you are worried about your partner having access to shared money, you can speak to your bank or account provider and ask them to freeze your account. This means that neither of you will be able to take any money out.
However, this is obviously a short-term problem, as at some point, you will want to get to this. Speak to your ex and decide together who will get the money. If you can’t agree, you can get the courts to decide for you – although you will have to pay for this.
Make sure that you don’t close the account before you have set up direct debits to pay off any debts or other existing financial agreements. Just because you have split up, it doesn’t mean you don’t owe the money anymore.
If your partner passes away, it’s likely that your bank account will be the last thing on your mind. But at some point, you will need to contact your bank or account provider and get it switched to a single one. You should get your late partner’s name taken off the account.
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