santander

spanishal

hi my first post
have just retired my wife has not earned or worked for 20 years i have account with santander 321 can my wife take advantage of her tax by dep 500 every month as i do and 2 dd,s to reg for none tax payer upto 10, 000pounds a year by opening a 321 acc

al

bowlhead99

Yes as long as they will give her an account - they may choose not to if they don't like her credit score or customer profile.

You could also open a joint account between you. So that's 3 accounts all earning their good rates on up to £60,000 of deposits between you. The one in her name or half in her name will be taxed at her rate, the joint one would owe tax at the average of your two rates.

If you haven't got enough cash to fill all the accounts offered, then put it mostly in accounts in her name or joint rather than just yours, otherwise you're paying tax unnecessarily.

Putting the money in her name does of course open you up to the risk of her taking it all out and running off with the milkman, so caveat emptor.