Five grand to save, ISA full.

MyLastFiver

My wife has 5000 to save, but she has already used her cash ISA allowance this year. What would happen if she transferred the money to me to open an ISA in my name?

Failing that, any suggestions as to where she can put this cash? We need instant access.

Thanks

Reaper

No problem at all you opening an ISA and using her money, as long as she understands it will then be your money until such time as you gift it back.

bendix

MyLastFiver wrote: »

My wife has 5000 to save, but she has already used her cash ISA allowance this year. What would happen if she transferred the money to me to open an ISA in my name?

Failing that, any suggestions as to where she can put this cash? We need instant access.

Thanks

Open a couple of these monthly saver accounts and drip-feed the money in over the year and get some good interest from it.

Simple.

Loughton_Monkey

I do it all the time. We consider all our money to be 'ours'. The name in which it is invested is a mere triviality. So we both have a 5% regular saver. We both use £5,100 Cash and S&S ISA. We both bung in £2,880 to a Stakeholder to get the £720 HMRC contribution.

There are absolutely no barriers to capital transfer between spouses. The trust has to be there, of course, but they should be used for (a) maximising tax free savings, (b) using 'goodies' restricted to one per person (like regular savers), (c) in particular to use up any (otherwise) unused tax allowances, and (d) to spread a large investment to gain FSCS protection (i.e. £50K each instead of £100K in one name).