40% taxpayer

mrssjs

Hi

Please could someone advise. I have recently opened up an M&S current account (for the £125 MSE voucher) - and I can see I can apply for a regular savings account 6.00% AER/gross (fixed), if I pay in upto £250 per month.

However this account is a joint account and my DH is a higher rate taxpayer.

What do we need to do with regards to this?

Thank you

EDIT - just noticed it is for premium customers. Would still like to know what to do re: any savings though!

Reaper

Interest will be deducted at basic rate. Your husband will then have to pay extra tax. If he fills in a tax return he declares half the interest payments as being his. The other half is yours with nothing more to pay.

EDIT 1:I assumed you were asking what happened to joint interest but on re-reading your question are you asking whether you can open the Regular Saver just in your name when the qualifying current account is joint?

EDIT 2: I see now you don't have a Premium account in which case you can't take it out anyway, but there are other regular savers around if that's what you are after.