Dealing with separation affects everyone differently. At HSBC, we want to provide you with the help and support you need to manage your finances.
Below you’ll find some information on what to do if you hold any products with HSBC. These are common products that should usually be considered early in the separation process. However, because everyone’s situation is different there may be others that are applicable to you.
Please note that we have only highlighted some of the main issues to think about. We’re here for you if you wish to discuss any of these matters in more detail.
If you hold a joint HSBC current account, you and your former partner may be happy with continuing to operate the account as normal until you both decide to close the account and separate your finances.
However, where a separation is less amicable there may be concerns about access to the money in a joint account. To assist either of you in these circumstances, one account holder may decide to tell us to freeze the account so that payments out and withdrawals can only be made if both account holders agree. It’s important to note that if we’re advised there is a dispute between joint account holders, we would freeze the account unless all account holders agree otherwise, in accordance with our Personal Banking Terms and Conditions and Charges (PDF, 564KB).
If a joint account is frozen, please bear in mind the following:
Once you and your former partner have agreed to separate your finances, you’ll both need to consider the following:
If your former partner is an additional card holder on your credit card account you can choose to remove them. Please note, until they are removed, you will be liable for whatever they spend using the card (as well as your own spending). If you do decide to remove them, you should let them know as they may rely on the card for day-to-day spending.
If you are an additional card holder on your former partner’s account and you have been removed, and you don’t already own a HSBC credit card, you may be able to apply for your own card. Whether you can obtain your own card will be subject to status at the time of applying. HSBC Credit cards.
If you have a HSBC mortgage in joint names, you will both remain equally responsible for meeting the monthly payments (it is not the case that each of you is only responsible for paying half, even if one of you has moved out of the property).
If you have both agreed that only one of you will continue to be responsible for repaying your mortgage, you will need to contact us to discuss the options available to you.
To ask about changing the owner and/or borrower named on your mortgage, please call us on 0800 196 6333 (lines are open 8am-10pm every day).
If you have a joint HSBC loan, both account holders are liable for the full payments, even if the relationship between you ends. It is not the case that you are each responsible for half of the repayments. If you want to know more about the options available to you, please contact us. HSBC Contact and support: Find out more.
If you hold a joint savings account and you and your former partner have agreed on how to distribute the funds, you may choose to operate the account as normal until you both decide to close the account.
The information in the joint current accounts above about the freezing of joint accounts also applies to joint savings accounts, except regarding cheque books, Direct Debits and standing orders, which are not applicable to savings accounts.
Joint fixed rate saver accounts
If you have a joint fixed rate saver account then you and your former partner will need to consider the following:
If you have joint car or home insurance policies or you want to amend your life insurance policy, including any existing trust arrangement attached to your policy, you can contact us to make any amendments or cancel the policy.
You'll need to inform us if you have changed your address, or any other personal details such as your contact details or name. In a world that’s more connected than ever, there’s an even greater need for security. Our global systems are best able to provide you with world-class protection against financial crime when we have your most up-to-date information.
Remember that the information above is for general guidance only. There will be important detail that you can only get from the banks, companies or other organisations your finances are linked to, so speak to them individually about your change of circumstances.
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Support and guidance to help you make this difficult transition easier for you and your family
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