Joint savings?

Chris_Quartly

Hi there

I was looking at setting up an ISA account but noticed that (well, I looked at Halifax) I can't open an ISA in joint names.

My main reason for wanting a joint savings account is that I think it will look better when the time comes (which is reasonably soon in the scheme of things) to renew my wife's visa (she's American, currently has a settlement visa but we can now apply for permanent stay as opposed to 2-year stay).

Since I had my mind in place of setting up an ISA, I'm not sure what my best options are. I can probably put about £5000 into a savings account (which, of course I could only put £3600 into an ISA anyway).

Any ideas?

Baldur

Chris_Quartly wrote: »

I was looking at setting up an ISA account but noticed that (well, I looked at Halifax) I can't open an ISA in joint names.

ISAs are Individual Savings accounts - there is no such animal as a 'joint' ISA.

Primrose

Why not do both? I assume you're working and a taxpayer, so it makes sense to use your annual cash isa allowance, otherwise you'll lose it.
Put the remainder in a joint savings account with your wife. If it's only a matter of two or three months before your wife applies for a permanent visa and you think a larger sum in a joint savings account will impress the Immigration people (and I have no idea whether it will or not), put a larger sum in the joint account and switch some of it out at the last moment if she gets her visa before the end of this tax year, and top up your cash ISA for this year. (Knowing how long it takes to process visas, I wouldn't bank on speed to allow you to do this).