Interest on savings

[sixtiesbaby88]

Myself and my partner are not married but have been together for decades. We have a joint bank account we pay bills out of, but all other bank accounts are in my name only, apart from his personal account. We see the savings as joint money. I'm better than him at organising money so have various isas, and savings accounts. Now intrest rates are higher, I will be liable to pay tax as I will go over my personal allowance. I'd like to transfer some of the savings into his name so he can use his tax allowance. Can he open his own savings accounts so I can transfer money over to him? Or can I make my savings accounts joint ones? I'm not sure if the legal requirements when transferring money. Thanks

The terms and conditions of individual accounts will determine whether they can be joint or not. I don't think ISAs can be joint.

Transfer the money into his current account and get him to open savings accounts using that money.

What happens if you split up and aren't married? Does each of you keep the money in your own name?

We're in a similar position to you. Our joint account is a Santander Edge current account which pays about 3.5% interest up to £25k (there's a £5 fee but you also get cashback on bills and debit card spending so should be able to get this back this way) and because it's a joint account, the interest is half each for the allowance purposes.

You can probably get slightly more interest in other accounts but I like the simplicity of being able to run a high balance while earning reasonably decent interest on the account - ours pays our bills, spending on things like groceries and petrol, and also has money that would pay for annual and irregular expenses like insurance, holidays, white goods replacement etc as we pay for these things on credit card which is then cleared by DD each month.

I have other savings and investments and I move money around to suit, but it's useful that half the interest earned on our current account doesn't count towards my PSA.