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6th
Nov 2020
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Can I Get and ISA with My Partner?

Can I Get and ISA with My Partner?

Lots of couples choose to consolidate their finances into one shared account which they can easily access and both keep track of. But how does this work in an ISA type? We’ve got all you need to know, so you and your partner can make informed, strong financial decisions. 

It doesn’t sound very romantic – but the combining of finances is an important part of relationships and is often one of the Big Discussions a couple has while moving forward.

So how do ISAs factor in?

One of the most common questions according to our research is whether or not you can get a joint ISA with your partner – so we’ve decided to answer it for you.

Can I open a joint ISA?

The short answer is no.

ISAs can only be held in one name – you cannot open a joint ISA or open an ISA in someone else’s name (with the obvious exception of a JISA).

The tax benefits which are available through ISA accounts are only available for individual people

Each individual who is a resident in the UK has a yearly allowance – this year, of £20,000 per tax year – which is non-transferable; you cannot share an allowance or combine allowances.

The only instance in which ISA allowances can be transferred is the instance where a spouse or civil partner has passed away and has left the ISA to their spouse in their will or as part of their estate. But obviously, this is not the ideal situation and would preferably be avoided.

You can open alternative savings accounts as a couple – however, these will not have the tax-free benefits you can expect to enjoy through an ISA.

So, how can we make ISAs work for us as a couple?

There is a bright side to this rule – you can, theoretically, make more savings. If you both put your pennies to work in the right ISAs, and share the profits, you can put your joint finances in a really strong position.

You can also, if you are combining your funds, be flexible with where you keep your funds – by choosing different kinds of ISAs with different kinds of access and benefits, you can maximise your returns.

Lifetime ISAs:

One of the reasons people tend to look to have a joint accounts is to save for a home together. By both of you opening a LISA account, you can both gain the generous bonus offered by LISAs.

As two LISAs can be used to fund a house deposit, you can both maximise your returns in order to boost both your deposit savings – and afterwards, for your deposit. You can see selected lifetime ISA providers here.

Instant Access Cash ISA:

By putting some of your pennies into an Instant Access Cash ISA, you can (as the name would suggest) maintain access to your cash. Some ISAs lock your funds away, but by choosing to open an Instant Access Cash ISA in one of your names, then you can know that you have access to funds should a rainy day happen.

Investment ISA:

By holding two (or more) different ISAs you can really easily diversify your investment portfolio, meaning you could have lots of fingers in different pies. This can make your investments a bit more secure theoretically – if all your eggs are in different baskets, then should there be a big issue with one basket, you’ll still have some returns from your other investments to rely on. 

Read more about Lifetime ISAs.

Read more about Instant Access Cash ISA.

Read more about Investment ISAs.

Investment Fund Supermarket ISAs

Stocks & Shares ISA

from Fidelity

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 4,000 investment options, including one of the widest fund ranges in the UK, plus shares, investment trusts and exchange-traded funds. There’s also expert guidance to help with your investment decisions, which includes a selection of tools and insights from Fidelity’s experts. Capital at risk. Tax and ISA rules apply.
  • Invest From: £25 through regular savings or £1,000 lump sum

Why we like it: Fidelity has lots of investment options, plus an extensive range of guidance tools to help you decide what to invest in. Their award-winning ISA is easy to start and offers great value, their a typical service fee of just 0.35%. Other ongoing charges apply. On top of that, everything is backed by Fidelity’s 50 years of investment experience.

Important: The value of investments can go down as well as up so you may get back less than you invest. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Tax treatment depends on individual circumstances and all tax rules may change in the future.

Stocks & Shares ISA

from Hargreaves Lansdown

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Choose from over 2,500 funds, shares, investment trusts and more to build your portfolio. UK and overseas shares. Corporate and government bonds. Exchange Traded Funds (ETFs). Ready-made portfolios to suit your goals and attitude to risk from £1,000. Expert research to help make your decisions. Investment trusts and much more. Capital at risk.Tax & ISA rules apply
  • Invest From: £25 pm or from £100 lump sum

Why we like it: Choose your own funds or alternatively a ready made portfolio. Market-beating savings and discounts of up to 5.5%. No charge to buy and sell funds. Low, tiered annual charges for holding funds, with a maximum of just 0.45% per annum. Free fund updates and analysis from experienced research team. Invest with a financially secure, FTSE 100 company.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Stocks & Shares ISA

from Interactive Investor

ISA Option
Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Access 40,000+ UK, US and international shares on 17 global exchanges. Choose from over 3,000 funds or select a ready made portfolio. Investment trusts, ETFs, Bonds & Gilts. Option to invest in 6 low cost funds selected by experts to get you started. Capital at risk. Tax & ISA rules apply
  • Invest From: £25 a month or any lump sum

Why we like it: An award-winning ISA that gives you complete control. The second largest platform in the UK with the widest choice of investment options in the market including funds, investment trusts, ETF’s and more. Strong ethical investment proposition with more than 140 investment options. Open online in less than 10 minutes. Access to expert independent ideas and analysis. Low cost fees and trading.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Junior ISAs

Junior Stocks & Shares ISA

from Nutmeg

  • Investment Options: Invest in one of four expertly designed portfolios depending on your investment style

Why we like it: Open with a lump sum from £100 to £9,000 in the 2021/22 tax year. After initial investment top up any time with no minimum. Simple, transparent - Invest in one of a range of four expertly designed portfolios depending on your investment style. All four Nutmeg investment styles are built by experts and use exchange traded funds to diversify across stocks, bonds, industries, even countries. Choose the one that works for you. No exit fees and you’re free to make adjustments. You can see where your Junior ISA is invested and how it’s performing. Withdrawals possible from age 18. You can also transfer an existing Junior ISA or Child Trust Fund. If you need any help, financial advisers and customer support will answer any questions you have

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

High Income ISAs

High income ISA ideas:

ISAs Products

Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

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15th March 2021

You've decided to invest your savings into a Stocks and Shares ISA. You'll be using your tax-free ISA allowance for this year before the deadline, while also investing your money for your future. But what do you need to consider before opening an account? We've put together a list of our top five considerations for you to think about before you click "apply". 

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