ISAs and Money between married couple?

LandonEars

Hello everyone,

First time posting so hope I got it in the right place!

My question/interest is regarding ISAs. Presently I'm not working as I finish a study course and so my husband is the breadwinner. He already has an ISA in his name (And to the years limit), while I do not have one.

Is it legal/allowed for me to open an ISA in my name and put his money into it? I believe I read somewhere that transferring money between married people was OK, but I'm not sure, and am not sure if it is the same when one is unemployed.

Similarly, is this permissible with regards to regular savings bank accounts? There is a Santander First-Home saver we would like to open, and I am the only one under 35.

Thank you very much!
All the best

cloud_dog

Yes, you can divi up the money (savings) how you like.

In addition to your own ISA as you are currently not working ensure any savings are in an account in your name only and complete the Inland Revenue R85 for to claim gross interest.

You may find that you can get a normal savings account with a better gross rate ofr you than an ISA rate.

McKneff

I agree with G-D but have you read the reviews on Santanders
competence.

I would do so, they are the biggest load of incompetent doings
(doings covers a multitude of words) I have ever had the misfortune to bank with.

Stochasticity

cloud_dog wrote: »

Yes, you can divi up the money (savings) how you like.

In addition to your own ISA as you are currently not working ensure any savings are in an account in your name only and complete the Inland Revenue R85 for to claim gross interest.

You may find that you can get a normal savings account with a better gross rate for you than an ISA rate.

Nevertheless, it is generally worth using up as much of your ISA allowance as possible each tax year in order to protect against A) becoming a taxpayer at some point in your life and the possibility that non-ISA rates may not always outstrip ISA rates over the long-term and, further, to give you the flexibility of C) converting cash ISAs into stocks and shares ISAs if at some point down the line you may wish to make a significant investment.

In the short-term, the best way of going about things as a non-taxpayer may be to invest in taxed accounts for now and then open your ISA for the 2010-11 tax year just before the April 5th deadline.

cloud_dog

Stochasticity wrote: »

Nevertheless, it is generally worth using up as much of your ISA allowance as possible each tax year in order to protect against

Utilising your ISA allowance is an important consideration but its generally worth achieving the best return on your money as you can.

Stochasticity wrote: »

A) becoming a taxpayer at some point in your life and the possibility that non-ISA rates may not always outstrip ISA rates over the long-term

Yes, its called finacial planning. A lot depends on the amounts involved, timescales, future plans (expenses) all of which are unknown from the OP.

Stochasticity wrote: »

and, further, to give you the flexibility of C) converting cash ISAs into stocks and shares ISAs if at some point down the line you may wish to make a significant investment.

Again, an unknown.

Stochasticity wrote: »

In the short-term, the best way of going about things as a non-taxpayer may be to invest in taxed accounts for now and then open your ISA for the 2010-11 tax year just before the April 5th deadline.

Again, depending on the amounts involved the best thing to do is to figure out what you will be doing with the money, identify the best paying accounts and move forward.

Stochasticity

cloud_dog wrote: »

Utilising your ISA allowance is an important consideration but its generally worth achieving the best return on your money as you can.

Agreed, generally speaking, and, likewise, generally speaking, you should simultaneously look to use as much of your ISA allowance each year as possible, even as a non-taxpayer. Generally speaking, the two considerations are rarely incompatible.

Obviously there may from time to time be a trade-off between the two and that requires more specific, tailored advice.

LandonEars

McKneff wrote: »

I agree with G-D but have you read the reviews on Santanders
competence.

I would do so, they are the biggest load of incompetent doings
(doings covers a multitude of words) I have ever had the misfortune to bank with.

I *hadn't* known anything about Santander until today, though reading quite a lot on this site has me rather worried as partner's ISA is with Santander presently (Plan on transferring out of it though)... Suspect that is going to be a lot of hassle by the sound of it.

Doesn't seem as though doing anything involving Santander is advisable.

LandonEars

Also,

Thank you all for the advice i appreciate it! I don't quite "get" all of this type of thing, but am a moneysaver in training I guess.

McKneff

If your OHs Isa is running okay with no problem I wouldnt worry about it. Its when you actually ask them to do something that things
go wrong,