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Why do some savings providers only allow one person accounts, myself and my wife have always had joint accounts for obvious reasons.

bazza1212
by bazza1212 09 May 2009  |  Comments 3 comments  |  Love Love  0 loves

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Comments (3)

  • MikeGG1
    Love rating 824
    MikeGG1 posted

    If you are referring to ISAs, then it is compulsory because it is linked to your tax record via your NI No.

    Otherwise, there is no reason for it and I haven't noticed any doing it.

    When de-mutualisation was going on, it was an advantage to have building society accounts split.

    Mike

    Posted on 09 May 2009 | Love Love  0 loves Report
  • bazza1212
    Love rating 0
    bazza1212 posted

    Hi,thanks for that MikeGG1,but it wasnt ISAs or de-mutualisation.It was

    straight forward savings accounts.

    Posted on 10 May 2009 | Love Love  0 loves Report
  • rowlystravel
    Love rating 27
    rowlystravel posted

    MikeGG1 is correct. its because they are taxed personally and income may have to be declared ona tax return if you are a higher rate payer. This is irrespective of whether it is an isa, ns&i or a bog standarrd 0.1% savings account

    Posted on 11 May 2009 | Love Love  0 loves Report

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