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Why is it that some savings accounts must be in one name only and not joint?
chickmug
Posts: 3,279 Forumite
As the title.
Why is it that some savings accounts must be in one name only and not joint?
Why is it that some savings accounts must be in one name only and not joint?
A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
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Comments
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ISAs have to be in your sole name because the tax relief relates to individuals.
Occasionally a building society or bank will make a special offer e.g. the Darlington BS 8% regular saver ac and wants to limit the benefits to individuals - not an individual investing money in his name and then jointly with a partner. That way they attract more people, to whom they can cross-sell other products, for the same outlay.
Are there other circumstances you have come across?0 -
When relationships break down there's inevitably a load of grief for the account providers.
For example, if notified they'll possibly have to put a block on the account until they've spoken to both parties and the issues are resolved.0 -
baby_boomer wrote: »ISAs have to be in your sole name because the tax relief relates to individuals.
Occasionally a building society or bank will make a special offer e.g. the Darlington BS 8% regular saver ac and wants to limit the benefits to individuals - not an individual investing money in his name and then jointly with a partner. That way they attract more people, to whom they can cross-sell other products, for the same outlay.
Are there other circumstances you have come across?
Kaupthing Edge, Birmingham Midshires, & AA are three that say No joint acounts.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Kaupthing Edge, Birmingham Midshires, & AA are three that say No joint acounts.
OH and I were looking for a joint account and had great difficulty finding one with a decent rate.
We eventually went for Tesco, reasonable rate (6.25% IIRC) plus faster payments and can BACS to any other account rather than just the linked account. Great stuff - until they introduced their card reader and you can't add payees or do transactions until they send you one. Well, we applied for ours on 18th August and are still waiting - they say they are having problems with a new system
and want us to use phone banking in the meantime (of course there's no 0800 number for it).
We're on the verge of closing it as we can't use it so looking for another joint account now. Let us know if you find one
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OH and I were looking for a joint account and had great difficulty finding one with a decent rate.
We eventually went for Tesco, reasonable rate (6.25% IIRC) plus faster payments and can BACS to any other account rather than just the linked account. Great stuff - until they introduced their card reader and you can't add payees or do transactions until they send you one. Well, we applied for ours on 18th August and are still waiting - they say they are having problems with a new system and want us to use phone banking in the meantime (of course there's no 0800 number for it).
We're on the verge of closing it as we can't use it so looking for another joint account now. Let us know if you find one
Sounds like Natwest when, 2 days ago, I went to do a one off payment online to my daughter and it said I needed a card reader which would be 15 days!!!
How about Bradford and Bingley Interenet Saver Issue 3 who do joint accounts?
http://www.bradford-bingley.co.uk/savings/internet-saver-issue-3.asp
Also why not have separate accounts?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Also why not have separate accounts?
Chickmug, it's to do with accessing the money when one of the account holders dies without the lengthy wait that probate involves (OH has a serious illness with a poor prognosis).
Will look at B & B but OH had an account with them previously and for some reason didn't like them (maybe it was the website can't remember now).
ETA: Just had a quick look at their key features - BACS to a nominated account, whereas we'd prefer one where you can BACS to other accounts too. We could do that with Sainsburys but their rate is poor now.0 -
Chickmug, it's to do with accessing the money when one of the account holders dies without the lengthy wait that probate involves (OH has a serious illness with a poor prognosis).
I am not an expert but surely if you each have a will is probate is irrelevant?
Somebody else - heeeelp!!A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
When my dad died I'm sure probate was involved. I could ask my mum.
I am a 'Nelly Know All' on the housing group being an agent but on this one I really am thick. Be good to know?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Probate involves proving a will. Until that is sorted you cannot access the funds to distribute in accordance with the will.0
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