spiral
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Post by spiral on Jun 4, 2015 8:42:15 GMT
Is there a simple reason that RS (and other P2P companies) don't offer joint accounts or do they but it is not available via the website?
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Post by westonkevRS on Jun 4, 2015 15:21:13 GMT
We don't provide a joint account offering for either borrowers or lenders. Legally we could for lenders, but the difficulties (matched against the demand from lenders) doesn't justify. There are many legal difficulties not least in terms of tax return, joint lenders splitting up, changing names on death, etc. It just isn't really worth the hassle. And nobody has asked in my knowledge (or at least not enough people to raise it to the attention of the Senior Management Team). @ westonkevRS |
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Post by rarrar on Jun 4, 2015 18:16:50 GMT
It is surprising how many normal savings accounts are not available in joint names, let alone Credit Card accounts.
I am/was keen on having all our savings etc in joint names but as one gets older having some savings in sole named accounts is advisable in case the partner suddenly becomes "incompetent" as the bank may well then freeze a joint account.
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Post by GSV3MIaC on Jun 4, 2015 19:21:52 GMT
Power of attorney (or whatever this week's equivalent is) is what you need in case partner suddenly become queer(er than usual). Also a joint account has the advantage (or not) of bypassing some of the legwork associated with handover in the event of one partner dying.
Separate accounts do potentially have tax advantages if one partner earns a lot more than t'other, but they do double all the paperwork. Generally I find it best to have the main account joint, and then a 'spare' each with a small amount in (and not many transactions, except maybe the 'pass around £1k each month to get the good interest deal'). Most of my savings accounts are joint (ISAs obviously excluded). P2P is in the same category - I'd joint it, if it was an option, but can live without for now. I typically have to make all the buy / sell / what rate to bid decisions, regardless of who actually is going to push the buttons. 8>.
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spiral
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Post by spiral on Jun 5, 2015 8:23:35 GMT
I'd joint it, if it was an option, but can live without for now. I typically have to make all the buy / sell / what rate to bid decisions, regardless of who actually is going to push the buttons. 8>. This really is my situation too. The problem for me though going forward is balancing the weight of money in each account and the need to move money between mine and my wife's accounts. To do this I need to withdraw from RS to my bank, transfer to my wifes bank, transfer from her bank to RS, then put on market. This process involves at least 4 logins across 2-3 days to get the money back to its starting point  The thought behind a joint account was that the bulk of money would stay in that account with only skewed balances going to the sole account. Hopefully with a simpler transfer process than the one outlined above in that my sole or joint account could have reinvestments paid into either of the accounts. I don't need to do this just yet but was looking to plan ahead.
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duck
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Post by duck on Jun 5, 2015 10:02:16 GMT
I'd joint it, if it was an option, but can live without for now. I typically have to make all the buy / sell / what rate to bid decisions, regardless of who actually is going to push the buttons. 8>. This really is my situation too. The problem for me though going forward is balancing the weight of money in each account and the need to move money between mine and my wife's accounts. To do this I need to withdraw from RS to my bank, transfer to my wifes bank, transfer from her bank to RS, then put on market. This process involves at least 4 logins across 2-3 days to get the money back to its starting point The thought behind a joint account was that the bulk of money would stay in that account with only skewed balances going to the sole account. Hopefully with a simpler transfer process than the one outlined above in that my sole or joint account could have reinvestments paid into either of the accounts. I don't need to do this just yet but was looking to plan ahead. I'm going through exactly that process at present and to be honest it isn't taking much effort. Daily withdrawals appear the next working day in my bank acc, get a grand together (no fees for the debit card) and my better half pops it into her RS account. To meet IR requirements the separation has to be complete and she has to have ownership and control ..... Without the 'total ownership and control' element clear taxation becomes 'complicated', so personally I avoid joint accounts like the plague.
On the 'power of attorney' point mentioned earlier, as a keen motorcyclist (and builder of stupidly fast machines) I dealt with this many years ago when I made my will.  An A&E doctor told my better half "if he starts behaving strangely bring him back immediately" (just had 8 staples across my head), she replied "can't I just leave him here?"
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Post by GSV3MIaC on Jun 5, 2015 14:41:10 GMT
On the 'power of attorney' point mentioned earlier, as a keen motorcyclist (and builder of stupidly fast machines) I dealt with this many years ago when I made my will A will sorts out who gets what (and who is in charge) if you total yourself. A (n enduring) power of attorney makes it possible for someone to operate everything on your behalf if you manage to merely render yourself totally incompetent, but still alive and kicking. 8>. IIRC it can even confer the right/responsibility to move you from state #2 to state #1, although next of kin can probably do that anyway.
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Investor
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Post by Investor on Jun 5, 2015 15:00:01 GMT
On the 'power of attorney' point mentioned earlier, as a keen motorcyclist (and builder of stupidly fast machines) I dealt with this many years ago when I made my will A will sorts out who gets what (and who is in charge) if you total yourself. A (n enduring) power of attorney makes it possible for someone to operate everything on your behalf if you manage to merely render yourself totally incompetent, but still alive and kicking. 8>. IIRC it can even confer the right/responsibility to move you from state #2 to state #1, although next of kin can probably do that anyway. If memory serves Enduring PoA's no longer exist they are now called Lasting PoA's. Additionally LPA's have also been separated so there is now the opportunity to write one for 'Health and Welfare' and a separate one for 'Property and Finance'. Useful if you feel the need to ensure your better half who is the beneficiary of your will doesn't also control the 'off switch' to the life support machine. Incidentally from experience you only need to be 'alive', kicking is purely optional. Fortunately my better half resisted the temptation as she felt I was "the perfect partner" during an extended period in a coma.
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duck
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Post by duck on Jun 5, 2015 15:31:25 GMT
On the 'power of attorney' point mentioned earlier, as a keen motorcyclist (and builder of stupidly fast machines) I dealt with this many years ago when I made my will A will sorts out who gets what (and who is in charge) if you total yourself. A (n enduring) power of attorney makes it possible for someone to operate everything on your behalf if you manage to merely render yourself totally incompetent, but still alive and kicking. 8>. IIRC it can even confer the right/responsibility to move you from state #2 to state #1, although next of kin can probably do that anyway. Yes I didn't make it totally clear I made a will and at the same time completed another document to allow the better half to take over my affairs if I lost my remaining marbles. So far so good .....
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Post by yorkman on Jun 17, 2015 21:08:09 GMT
It is surprising how many normal savings accounts are not available in joint names, let alone Credit Card accounts. I am/was keen on having all our savings etc in joint names but as one gets older having some savings in sole named accounts is advisable in case the partner suddenly becomes "incompetent" as the bank may well then freeze a joint account. Interesting, apart from RS and ISAs, I have religiously put all our savings accounts into joint names so that the accounts could still be accessed should something happen to the other. I'm sure banks can't freeze joint accounts if one partner becomes 'incompetent' as joint accounts are set up to allow each partner full and independent access.
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Post by rarrar on Jun 17, 2015 21:54:21 GMT
It is surprising how many normal savings accounts are not available in joint names, let alone Credit Card accounts. I am/was keen on having all our savings etc in joint names but as one gets older having some savings in sole named accounts is advisable in case the partner suddenly becomes "incompetent" as the bank may well then freeze a joint account. Interesting, apart from RS and ISAs, I have religiously put all our savings accounts into joint names so that the accounts could still be accessed should something happen to the other. I'm sure banks can't freeze joint accounts if one partner becomes 'incompetent' as joint accounts are set up to allow each partner full and independent access. My main accounts have recently revised T&Cs and this is a new term that has been added. The logic is that while a joint account can be set up to allow single partner only access, either partner can rescind this to go back to both partners need to sign. If one partner becomes "incompetent" they can no longer protect their assets by rescinding single partner access , therefore the bank has to protect their interests for them until an "attorney" is apponted. Death isnt a problem, mental incompetency is !
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jonbvn
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Post by jonbvn on Jun 18, 2015 7:03:27 GMT
It is surprising how many normal savings accounts are not available in joint names, let alone Credit Card accounts. I am/was keen on having all our savings etc in joint names but as one gets older having some savings in sole named accounts is advisable in case the partner suddenly becomes "incompetent" as the bank may well then freeze a joint account. Interesting, apart from RS and ISAs, I have religiously put all our savings accounts into joint names so that the accounts could still be accessed should something happen to the other. I'm sure banks can't freeze joint accounts if one partner becomes 'incompetent' as joint accounts are set up to allow each partner full and independent access. We have religiously done the opposite for tax reasons. My wife is a wealthy lady & I am a pauper 
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pom
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Post by pom on Jun 18, 2015 7:55:43 GMT
A will sorts out who gets what (and who is in charge) if you total yourself. A (n enduring) power of attorney makes it possible for someone to operate everything on your behalf if you manage to merely render yourself totally incompetent, but still alive and kicking. 8>. IIRC it can even confer the right/responsibility to move you from state #2 to state #1, although next of kin can probably do that anyway. If memory serves Enduring PoA's no longer exist they are now called Lasting PoA's. Additionally LPA's have also been separated so there is now the opportunity to write one for 'Health and Welfare' and a separate one for 'Property and Finance'. Useful if you feel the need to ensure your better half who is the beneficiary of your will doesn't also control the 'off switch' to the life support machine. Incidentally from experience you only need to be 'alive', kicking is purely optional. Fortunately my better half resisted the temptation as she felt I was "the perfect partner" during an extended period in a coma. Enduring's still exist IF they were created before the change, and after events of last year my remaining aged relatives have all been debating whether to replace theirs with LPAs..and have all decided not to. LPAs have to be registered before you can use them (takes about 2 months and costs) whereas EPAs can be used unregistered if the donor still has their marbles (but then has to be registered if they do). Getting institutions to accept unregistered EPAs can be quite complex tho, specially as some have forgotten about them, so I'm hoping theirs won't be needed.
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An A&E doctor told my better half "if he starts behaving strangely bring him back immediately" (just had 8 staples across my head), she replied "can't I just leave him here?"
