Joint ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
5 replies 19.5K views
pollyanna24pollyanna24 Forumite
4.3K Posts
Part of the Furniture 1,000 Posts
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have an ISA in my name as I was told I couldn't have a joint one (guess the I in the ISA gives that away!), but anyways, I'm almost up to my limit, so want to open one in my boyfriend's name (it's joint savings, so technically (in my head anyways) I'm not doing anything wrong).

But if something happens to him (I don't mean to sound morbid, but it's something to think about), as we are not married, there is no way I can access this money. I have a ISA account, but trust my parents (we don't talk to his dad) to give him the money if something happened to me.

Are there better bank accounts for us that we can join together? Or is there a way around this? I.e. kind of like a Will, but just regarding our bank accounts? Most of our bank accounts are joint, so it's just a couple I'm worried about.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2018) - £169,999.96
(End 2019) - Target £160,000 DID IT!!! (159,906.64)
(End 2020) - Target £147,500. £146,215.25 DID IT!!!!

Replies

  • debbie42debbie42 Forumite
    2.6K Posts
    The easiest way would be to actually have a will, I'd have thought.
    Debbie
  • scottp_2scottp_2 Forumite
    149 Posts
    Firstly, without thinking about if he cops for it, make yourself a Third Party on his ISA, which means you can go into the bank and discuss it, and it will also show on your internet banking.
    Then, as debbie42 has said, both write wills stating that any money held in sole names should be transferred into the other parties control.

    Sounds like a good kick up the butt to get your finances and wills sorted.

    Hope that helps

    Scott
  • pollyanna24pollyanna24 Forumite
    4.3K Posts
    Part of the Furniture 1,000 Posts
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    Cheers guys. Pretty much what I thought. I've asked my boss about a will (he's a solicitor) and he said he will do it.

    I didn't know about the third party thing, have to look into that. Getting him to go in on Saturday to sign the book and stuff, so will ask then. Suppose I should make him a third party on mine as well.
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2018) - £169,999.96
    (End 2019) - Target £160,000 DID IT!!! (159,906.64)
    (End 2020) - Target £147,500. £146,215.25 DID IT!!!!
  • McSaverMcSaver Forumite
    609 Posts
    You cant have a joint ISA Because...

    ISA stands for Individual Savings Account.

    Individual meaning only for 1 person only.
    Had £80,000 in Savings - All GONE!!! BYE BYE
    :A Single, 27, Aspie, Gooner :A
  • debbie42debbie42 Forumite
    2.6K Posts
    McSaver wrote: »
    You cant have a joint ISA Because...

    ISA stands for Individual Savings Account.

    Individual meaning only for 1 person only.

    As they said:
    (guess the I in the ISA gives that away!)
    Debbie
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