2 cash ISAs, fed from one account?

Spoutnik

Hello there,

I am aware you can't have 2 cash ISAs in one name, but that it is possible to have one cash ISA in your name with your spouse/partner having one in their name.

When you open a cash ISA you are asked for the bank details of the account that will be used to pay into (or cash in) the ISA.

My question is : can this account be the same for both partners?

The account in question isn't a joint account, though. The idea would be for me (the saver) to increase my allowance by saving into a second ISA in my partner's name.

Thank you,

Sarah

TadleyBaggie

You can have as many cash ISAs in the same name as you like, you can only pay into one in any one tax year. 

TadleyBaggie

You can have as many cash ISAs in the same name as you like, you can only pay into one in any one tax year. 

Spoutnik

TadleyBaggie said:

You can have as many cash ISAs in the same name as you like, you can only pay into one in any one tax year. 

Thank you. If I want to pay into my partner's ISA, can I do this from an account I hold in my sole name ?

mebu60

You would need to channel the payment through your partner's current account. Be aware that the funds are then technically theirs to do with as they wish. 

Spoutnik

mebu60 said:

You would need to channel the payment through your partner's current account. Be aware that the funds are then technically theirs to do with as they wish. 

Thank you, that is very clear!

Qyburn

mebu60 said:

You would need to channel the payment through your partner's current account. Be aware that the funds are then technically theirs to do with as they wish. 

Not necessarily true. Our ISAs have always been funded by transfer from a single savings account in our joint names. Transfers are normally done by me.

xylophone

single savings account in our joint names. Transfers are normally done by me.

.... and presumably is set up on the basis that both of you have equal access and authority over all funds in the account.

Therefore  either of you may authorise any transfer out.

Once the money lands in an ISA, (by definition a sole account), the ISA account holder owns and controls it.

Qyburn

Just to supplement that commentm her ISA statement shows those transfers as being paid by me. Even though coming from a joint account, they see only me as the sender.

That's Virgin which is a fully functional bank.

We've also had a number of savings accounts where you have to designate a single "linked account", and money can only go to or from that single account. None have ever had a problem with a joint account and none have insisted on it being a current account.

xylophone

None have ever had a problem with a joint account and none have insisted on it being a current account.

But why should they? A joint current or savings account belongs to both parties and both may transfer to or from it.

mebu60

Qyburn said:

mebu60 said:

You would need to channel the payment through your partner's current account. Be aware that the funds are then technically theirs to do with as they wish. 

Not necessarily true. Our ISAs have always been funded by transfer from a single savings account in our joint names. Transfers are normally done by me.

The OP states explicitly that the current account is hers and hers alone, not joint.  With a joint account it is irrelevant who initiates the transfer. To fund a Cash ISA in her husband's name the funds will need to arrive from a current account that he is a party to, they cannot come directly from her current account which is the issue she was seeking a resolution for. If they had a joint account as you do it would not have been an issue.