Savings account change to joint names

davideo0

I have recently opened a 2yr fixed rate savings account in my sole name. For tax reasons I would like either to change it to a joint account with my wife, or alternatively to change the nominated account holder  to my wife's sole name.
Can this be done?

400ixl

What bank, Some allow joint accounts, some don't. Some you can do it online, some you have to do it in person.

I don't believe you can change the nominated account holder name. As a last resort you could just open a new account in your wife's name and transfer the funds across, but that would obviously potentially have in impact on early withdrawal fees.

davideo0

The bank I'm with in this case is Shawbrook. I certainly would find transfer to a new account would either be not possible or to great a penalty.

RG2015

davideo0 said:

I have recently opened a 2yr fixed rate savings account in my sole name. For tax reasons I would like either to change it to a joint account with my wife, or alternatively to change the nominated account holder  to my wife's sole name.
Can this be done?

Just to be clear, if it remains a sole account, Shawbrook will report the interest to HMRC in your name only. Therefore changing the nominated account to your wife's sole name would not change your tax position.

Furthermore, I believe that the nominated account must be in the same name as the savings account.