Can Joint current account be changed to sole name?

Gollygumdrops

Hi can anyone help with a query.

I would like to open BOS current account for the 3% interest (or possibly one of the other reward current accounts). Problem is I am not earning at the moment, (no wages or benefits - left work to have my children years ago and not found a job yet!). Therefore, I will have to open this jointly with my husband, as the financial checks by myself will show I earn 0.
Once the account is up and running, (by using part of hubby's wage) would my husband then be able to ask for the account to be altered to my sole name? Nothing untoward, just that as I am allowed more interest/tax free earnings it would be better in my name only, rather than eating into my husbands new £500 tax free savings allowance? Any thoughts please.
Many thanks

Ballard

My minimal experience in changing from a joint to a sole meant closing the joint and opening a sole. This was with First Direct.

grumbler

Gollygumdrops wrote: »

....would my husband then be able to ask for the account to be altered to my sole name?

Typically, the T&C say that he can, but incompetent CS often say that both account holders are needed to do this. As account holders are equal, it can be you who asks.
That said, generally, they can refuse if they think that you alone aren't eligible for this account.

...it would be better in my name only, rather than eating into my husbands new £500 tax free savings allowance?

Why £500, not £1000, and why 'eating into'?
As a side note, do you know that Couples now able to register to shift unused tax allowance between spouses?

Also: Marriage tax allowance: what are the rules?

Ballard wrote: »

My minimal experience in changing from a joint to a sole meant closing the joint and opening a sole. This was with First Direct.

It was very easy with Nationwide without any closing and opening.

Alter_ego

If you make it sole account, you still have to meet the requirements of course. Paying in, direct debits, etc.

Gollygumdrops

grumbler:
Thanks for your reply. Obviously we would probably both/either request to alter it to sole account. Secondly my husband is a higher tax earner so if I've understood the savings interest due in April, he will only be eligible for £500 of savings interest per annum. Joint accounts would therefore, mean that the interest earned would be classed as half his and so taken from his £500.? I know we are only talking maybe £75 interest each per year but we do have other savings too, so as I have no other earnings it made sense to try and get as much as possible in my name!

Marriage tax allowance - unfortunately although I am not earning myself, my husband is a higher tax earner, so I don't qualify! (Unless you know otherwise??)

I will have to read up on the transferring of unused tax allowances from one spouse - thanks for that one

Gollygumdrops

Alter ego:

Yes once opened we would still transfer the funds each month to cover the standing orders/direct debits - I'm just interested in getting as much interest as I can for our money.
I'm just trying to pre-empt any problems with removing my husbands name so that the interest would be in my name and therefore be allocated to my allowance.
Hope that makes sense.

grumbler

Gollygumdrops wrote: »

Marriage tax allowance - unfortunately although I am not earning myself, my husband is a higher tax earner, so I don't qualify! (Unless you know otherwise??)

You have £10600 untaxable income allowance and can transfer £1060 to your husband [STRIKE]thus saving ~£400 in income tax[/STRIKE].

Gollygumdrops

grumbler:

This is what I have read, on Moneysavingexpert site re Marriage Tax Allowance.

Q. Who can get it?
This is the most important factor as only people with these specific circumstances will be able to apply:

You're married or in a civil partnership (just living together doesn't count).

One of you needs to be a non-taxpayer, which usually just means earning less than the £10,600 personal allowance.

The other one of you needs to be a basic 20% rate taxpayer (couples with a higher- or additional-rate taxpayer aren't eligible for this allowance).

Both of you must have been born after 6 April 1935 (if not there's another tax perk).

So in a nutshell one of you must be a non-taxpayer and one of you must be a basic-rate taxpayer.

My husband is a higher tax payer so I don't think, according to the above, we are eligible(?)

grumbler

My apologies for causing confusion.
I missed the fact that higher rate taxpayers aren't eligible.:o

xylophone

Are you sure that you cannot open an account in your own name?

If nervous about this, why not open a simple current account, run it for a couple of months with your husband paying in £1000 a month, then adding Vantage - the money can be moved elsewhere after paying in/you can pay a couple of bills with it/pay for the shopping etc.


https://www.bankofscotland.co.uk/bankaccounts/

Gollygumdrops

ok grumbler thanks for your replies. I just need to make sure I use what money we have to our advantage and can get as much interest as we can.