Mini Cash ISA for two?

DaftMule

Is it possible to take out a Mini-Cash ISA in joint names therefore allowing a total of £6,000 a year to be deposited? I seem to remember Martin mentioning it at some point, possibly on the radio but I could be wrong?

grumbler

ISA = Individual Savings Account. 'Individual' cannot be 'joint' .

skiddy2k

grumbler wrote:

ISA = Individual Savings Account. 'Individual' cannot be 'joint' .

nice one

DaftMule

LOL

I realise that, given the name, it may have been a daft question. But in all seriousness, other than for naming compliance purposes, why shouldn't a tax free savings option (lets call it a JSA) be available for a couple to open in joint names? It's hardly brain surgery to multiply the amount you can deposit by 2!

No doubt you'll now point out that such a thing exists :-)

lisyloo

why shouldn't a tax free savings option (lets call it a JSA) be available for a couple to open in joint names?

I don't know why.
Maybe there are some tax reasons we aren't aware of.

However it isn't difficult to open two accounts.
We've been doing it for years.

DaftMule

Well, if it's anything like trying to open a savings account online then I beg to differ....the two savings accounts I have tried to open online so far (ING and another) have proved to be a pain in the proverbial when you have to start sending off countersigned pay slips, bank statements and other bits of identification. Filling in the form is the easy bit!

grumbler

DaftMule wrote:

LOL ...It's hardly brain surgery to multiply the amount you can deposit by 2!

And how IR is supposed to track your allowances through many years if you have both single ISAs and joint JSAs? I admit that this is possible to do, but this is far more complicated than just 'multiply by 2'. And why only 'by 2'? Joint accounts can generally be on two, three and even more names ...

lisyloo

when you have to start sending off countersigned pay slips, bank statements and other bits of identification

Sorry but it's the law these days.
It's called the - Money laundering regulations
Supposed to make it difficult for terrorists and drug trafficers.

If you don't like abiding by the UK laws then I guess you could always put it under the mattress.

isasmurf

GOING OFF-TOPIC

Hi, Martin’s asked me to post this in these circumstances: While it’s easy to wander off-topic that often prevents newbies finding the information they want quickly and easily (please see this rule). Please keep this thread on topic. If you’d like to discuss non-MoneySaving related topics please continue your discussion in The MoneySavers Arms or Discussion Time. If you have any questions about this policy please email !!!!!!.

Please keep the discussion to the OPs original question.