Joint account

jaydeeh

We have a joint internet account that is my husband and me I found out you can only have only one bank account linked to it which is my bank account Got me thinking if anything happens to me can my husband still get money out through my account or could he change the linked account into his own account

YorkshireBoy

jaydeeh wrote: »

We have a joint internet account

With whom?

if anything happens to me can my husband still get money out through my account

Probably not, or certainly not easily.

could he change the linked account into his own account

Possibly, depending on the T&Cs. Have you read them or checked the provider's website/FAQ/online help?

Loughton_Monkey

I suspect he could do the latter. But I can imagine a scenario in which it could go wrong. If they knew of your death, the bank may get rather 'nervous' about changing anything - without all the proper probate stuff etc. You see, for all they know, you may have left every single penny to children, and hence could see your husband's actions as 'improper'.

Probably many people have this issue. I don't because we don't use joint accounts [because there is not one advantage I can think of, and every potential disadvantage].

But in a situation like this, surely it's only a problem if virtually all your joint money is locked up in the joint account. In my situation, our money is all over the place - either in her name or mine depending upon tax reasons, convenience, and avoiding FSCS limits. But we are both comfortable that we would both have access to enough 'emergency cash' available in our own names to get us through the relatively small time it could take to go through probate and 'liquidate' the funds.

psychic_teabag

Loughton_Monkey wrote: »

I suspect he could do the latter. But I can imagine a scenario in which it could go wrong. If they knew of your death, the bank may get rather 'nervous' about changing anything - without all the proper probate stuff etc. You see, for all they know, you may have left every single penny to children, and hence could see your husband's actions as 'improper'.

I thought that, on death, all the contents of a joint account automatically became the property of the other party, without forming part of the estate. (Though half of the money is still counted towards the inheritance tax threshold.) So it wouldn't be the bank's decision to make. But I may have got that wrong.

premierfella

+1 for psychic teabag.

That is also my understanding and was, I thought, one of the main advantages of holding a joint account with another party.

CLAPTON

yes

joint accounts are owned 100% by each party who can do as they will (like withdraw 100% of the money or incur an overdraft without the other persons approval)

so in death 100% of the account still belongs to the survivor to do whate3ver they want.
the bank has no say in the matter

the tax man, as pschic correctly says, can still get his/her hand on some of the money for IHT purposes however.

jaydeeh

Thanks for all your replies but the linked account is in my name so I am thinking of putting my husbands name on this account so he could get hold of the money or opening a joint bank account to use especially for any joint accounts Would that be feasible

SliAbhaile

Loughton_Monkey wrote: »

Probably many people have this issue. I don't because we don't use joint accounts [because there is not one advantage I can think of, and every potential disadvantage].

You also benefit from twice the Bank Deposit Compensation Limit.

psychic_teabag

jaydeeh wrote: »

Thanks for all your replies but the linked account is in my name so I am thinking of putting my husbands name on this account so he could get hold of the money or opening a joint bank account to use especially for any joint accounts Would that be feasible

Unless the joint account is configured to require both signatures on any changes, then AFAIK your husband can at any time change the linked account himself, without your involvement.

Perhaps not relevant, but a joint current account ties together your credit ratings and things, whereas a joint savings account usually does not. But if you already have linked current accounts, (or are happy to mingle your financial state), then it does seem simpler to link a joint savings account to a joint current account.

calypso_rhapsody

I am interested in Loughton Monkey's comment that he can't think of a single advantage of having joint accounts. I can - my husband and i have several and the big advantage for me (us) that they have over two single accounts is that i can manage them! He really isn't that interested and when i have to get him to call a bank to go through security so that he can authorise them to speak to me, it's a farce. There he is saying 'the third letter of my password?' - i scribble it on a bit of paper and he tells them the answer .... he'd rather be in the garage tinkering with his car!

Mind you if i get run over by a bus he'll be in a bit of a pickle for a while - i have tried but ....

jaydeeh

I am in the same boat calypso rhapsody for that. I tell him what I am doing but five minutes later he has forgotten what I have told him