Can I have a joint bank account with my mother?

Kernel_Sanders

My mother and I are both spouseless and also hold maxed out Santander 123 accounts. I've never heard of such an arrangement, but reading on here about couples with three of these accounts between them got me thinking!
We don't live at the same address but our surnames are the same.

jimjames

You can apply for a joint account with anyone. It means you are financially linked and responsible for any debts on the accounts.

I have a joint account with my grandmother. Not at same address and names not the same either.

Stubod

yes...I have 2....

LHW99

My OH had a joint cheque account with MIL when she began to need care.

Aretnap

jimjames wrote: »

You can apply for a joint account with anyone. It means you are financially linked and responsible for any debts on the accounts.

And it also means that your mum can run off with all the money in it if she wants to. And worse she can run up an overdraft for which you can be held responsible. You presumably trust her not to do that, but just be aware of the implications of having a joint acount.

Kernel_Sanders

Aretnap wrote: »

And it also means that your mum can run off with all the money in it if she wants to. And worse she can run up an overdraft for which you can be held responsible. You presumably trust her not to do that, but just be aware of the implications of having a joint acount.

That's sound advice, but in our case we have both been honest and thrifty all our lives, so that isn't an issue. My mother is elderly and ailing however, and I think it likely that she would die suddenly rather than allow time for any separation of funds. Although I think my two siblings would trust me to apportion her part of the capital according to her will, are there any practical or legal restrictions to prevent me from doing this? I would have internet banking access, but I really don't want to be transferring money on the day of her death .

xylophone

Re tax on joint account http://www.hmrc.gov.uk/manuals/saimmanual/saim2420.htm

If you hold a joint account with your mother, the normal situation would be that on her death the money remaining in the account would pass to you regardless of any will and you would be the sole account holder.

This does not mean that you would not have to declare money contributed to the account for IHT purposes.

See http://www.boodlehatfield.com/the-firm/articles/joint-accounts-whose-money-is-it.aspx

The first call on money that was credited to the joint account by your mother might be the costs of the funeral and settling her outstanding bills?

Presumably your siblings would be content with this?

Kernel_Sanders

Stubod wrote: »

yes...I have 2....

Two joint accounts?

LHW99 wrote: »

My OH had a joint cheque account with MIL when she began to need care.

My mother might need care at some point. Is there any aspect of it for which a joint account could be advantageous?

xylophone

A relative has had a joint account with his mother for a number of years - all the money in the account is hers but it was handy for her as he could do all her shopping on his debit card, draw money out for her use etc.

She had also granted EPOA many years before which he was able to bring into effect when she became physically very frail and entered a care home.

Any income credited to the joint account is immediately transferred to her sole account ( controlled by him as Attorney) which is used to pay her fees - the joint account also holds a capital sum which will be immediately available to pay post death expenses.

Kernel_Sanders

My branch tells me I can open this joint account online. Given that we already have these accounts with the bank, does anyone know how long it would take from submitting the application to having an account number that can be credited?

noh

Kernel_Sanders wrote: »

My branch tells me I can open this joint account online. Given that we already have these accounts with the bank, does anyone know how long it would take from submitting the application to having an account number that can be credited?

If all the information you give during the online application is satisfactory then the account should be up and running immediately. At least that was my experience when opening a joint 123 account with my wife. We both were existing customers with 123 accounts.