Moving savings between a non financially linked couple

NurseMoneySaver1122

Hi

Been saving for a mortgage (forever) with partner and we have a decent amount of savings. Partner had pay increase that’s pushed him into higher tax bracket. I’m a basic tax payer.

90% of savings are in his name, just because we’ve always used his for savings and mine for spending. In hindsight, this was not the best idea, as now he’s paying tax on savings and I have unused allowances (he’s maxed out isa’s).

we’ve saved this money together. But wondering if it would cause us any problems to transfer some of the savings from his account to mine (obviously the money that’s currently not in an isa, just a standard savings account)?

Is this against any rules, or any issues to consider before doing so?

Note: not currently living together so not financially linked at all

Thanks for any advice in advance

Ayr_Rage

It'll be a gift, so whatever he gives you is then yours.

If you plan on using those funds as part of a deposit for a home then be aware that you may be asked about any gifted funds so keep a formal record of the amount and date.

[Deleted User]

Likewise, the money you have already gifted him to save in his bank account is currently his money!

surreysaver

I'm presuming you're not married/civil partnered?

If you were, then it wouldn't matter, you can move money between each other as you please

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81886112#Comment_81886112

And if he were to unexpectedly die without a will it would then belong to his next of kin.

luci

It may be prudent to split your savings 50/50 between you.

Angelica123

You are leaving yourself very vulnerable. As you aren't married - any money under his name is deemed as his and under your name is deemed as yours. If you were to split up or if something was to happen to him, you would have no rights to any money in his name (even if you had contributed to those savings).

There's no rule against him transferring the money to you. As long as he understands that that money would then be considered your money. Again if anything were to happen to you, he would have no rights to it.

Emmia

https://forums.moneysavingexpert.com/discussion/6655480/moving-savings-between-a-non-financially-linked-couple

This might sound odd, but I would NEVER do savings / spending in this way - at the very least the savings would be in a joint account, but really they should be held in the name of the person solely making the contributions. This is especially important if you're not married.

As it stands you're currently taking all the financial burden and risk (as you're covering the spends) as the person who is presumably on a lower income level, and you're giving him your money to save in his name too.

This leaves you in a very precarious position if something happens to him, or he can just leave you, and you have no recourse to the savings you've been contributing to.

You should open your own savings account TODAY and immediately move your savings contributions going forward into that. You should also request for the money you've contributed to the savings to be transferred back to you.

Edit: You should also change the spends to a joint account you both contribute to.