SIMON says

Hello,

I have a join savings account and was hoping that someone could explain how the interest payments work?

We are receiving something like 50p and 40p a month.. the 50p in my wifes name (house wife so no income) and the 40p in my name.

Do they work out the interest payment, divide it by two and take the tax off my half, or do we get twice the interest as it is in a joint name?

I suspect the first.. in which case it might be better to transfer the account to the wifes name and take advantage of the no tax payment.. not that it is much mind..

Any help, views, etc, greatly received

Si