banking

atlas7227satlas

Hi there, my wife has recently retired and has a reduced income and I'm still working, she used to and at present still does pay all the DD and I do the cash and card payments etc, we have talked about setting up a joint account for household expenses and transfer amounts relating to each income into this to cover the DD so we can have our own accounts but we haven't realy looked into this and have never changed our accounts and she has a lump some just sitting inher account doing nothing but she has talked about getting an ISA.
Any advice about best accounts would be appreciated.

Thanks in advance

McKneff

My OH and I have never had separate accounts, we have always had (pre ISA) a joint current account and a savings account.


Everything went into the joint account, things were paid out of there, anything left at the end of the month was transferred to the savings account.


If we needed 'pocket money' we just took it, £50 here, and there.


In the 46 years we have been married, we have never, never had an argument about finances.

thebritishbloke

McKneff wrote: »

My OH and I have never had separate accounts, we have always had (pre ISA) a joint current account and a savings account.


Everything went into the joint account, things were paid out of there, anything left at the end of the month was transferred to the savings account.


If we needed 'pocket money' we just took it, £50 here, and there.


In the 46 years we have been married, we have never, never had an argument about finances.

This'll work for some, but it won't work for others. I doubt someone who's gone from having their own bank accounts for years can suddenly swap over to this system and be happy with it.

You can just open up a joint bank account, have all your bills coming from that account and put that amount of money in there each month (+ a little extra as a buffer).

grumbler

atlas7227satlas wrote: »

Hi there, my wife has recently retired and has a reduced income and I'm still working, she used to and at present still does pay all the DD and I do the cash and card payments etc, we have talked about setting up a joint account for household expenses and transfer amounts relating to each income into this to cover the DD

Nothing wrong with a joint account if your credit histories are equally good or bad, but a sole account can do the job perfectly.

she has a lump some just sitting inher account doing nothing but she has talked about getting an ISA.

If you mean a cash ISA, they hardly are worthwhile at the moment. There are better options, especially if she is a basic rate taxpayer.

• Cash ISAs
• Top Savings Accounts
• Best Bank Accounts

atlas7227satlas

If you mean a cash ISA, they hardly are worthwhile at the moment. There are better options, especially if she is a basic rate taxpayer.

She is paying tax in this tax year as she has used her allowance for this year but this should cease in the next tax year as her income is below the thresh hold.

Thanks for the replies

jennifernil

As a non-taxpayer, she can get more interest from interest bearing current accounts than from an ISA.

Look at Club Lloyds, TSB Classic Plus, BOS Vantage and Santander 123.