NC for this. I've inherited a small amount of money. It needs to be deposited into a bank account in my name. DH and I have separate accounts, although he occasionally asks for access to my account if we need to set up transfers etc. I'm not great with money or banking, so this has been fine previously although I've tried to stop and take control of it all over the past 6 months.
Our relationship is a bit rocky. I've never been great with money and have no savings to fall back on if things went wrong.
I'd like to keep the money I'm inheriting in a separate account and get it into a savings account for a rainy day / future use. But I'm worried if I tell DH about it he will dictate how I use it - it would likely be used towards a down payment on a future house or home improvements. Which normally would be fine, however for the reasons I've mentioned above I'd prefer to have it in savings.
My options are:
- Open a bank account in my name -
Preferably online as I'm unlikely to be able to get to a branch in the next few days. I don’t know anything about the various high street banks and types of accounts, so not sure which one would be best.
- Have the money transferred into my own current bank account. But there’s a chance he could see that transaction if he asks to log in one day.
Both options 1&2 could come back to bite me in the ass if he ever finds out that I didn’t tell him.
- Tell DH about the money and get his advice (he’s really quite good and informed with money stuff and transfers). He also knows the best high interest savings accounts to invest money in so that they make a decent profit in on interest.
I could also combine options 2 & 3. But I'd obviously need to tell him about it. And it will look really bad on me that I’ve not told him about the money. There also may be a chance that he insists I use it to put towards a down payment for a new house or to use for future works on a new house. But I want to set it aside in savings and forget about it until I really need it one day.
I need to sort this out in the next couple of days (Wed really) as I'm holding up the other beneficiaries from accessing their portion of the inheritance because they need to pay mine out first.
AIBU not telling DH about the money? If not, can anyone recommend the best high street bank to open an account with easily online, and how I can ensure he doesn't find out about it?
Will this money impact my tax records in any way? It will just be transferred to me (from overseas), it is so minimal it won’t be subject to any type of U.K. inheritance taxes.