Nominated Bank Accounts

Hitting

My wife and I both senior citizens,have sole online investments and saving accounts.Associated with these accounts are nominated everyday bank accounts.Should the nominated account be a joint account or sole account?

eskbanker

It doesn't really matter unless there's anything specifically mentioned in the terms of any of the accounts concerned.

Hitting

Are their any advantages for one option or the other in the event of the death of spouse,and access to accounts?

eskbanker

Hitting wrote: »

Are their any advantages for one option or the other in the event of the death of spouse,and access to accounts?

In general, joint accounts will simplify matters on death of one of the account-holders, but if both of you already have separate savings accounts and investments then this is probably a largely moot point, in that there presumably wouldn't be any great urgency for the surviving spouse to access the deceased's money....

Hitting

For this to be the case then it is wise to have the sole investments linked to the sole bank account!

Keep_pedalling

Hitting wrote: »

For this to be the case then it is wise to have the sole investments linked to the sole bank account!

Only if you have trust issues with your spouse.