One S&S ISA or two?

[Bee763]

So I have opened my Vanguard S&S ISA and started a regular monthly payment. MrsBee is on side with general frugality and happy for me to look after the budget and track spending/assets but slightly spendier than I am. We are likely to be able to stash away a minimum of £12,000 per year between us for the next couple of years, but I think we would struggle to max out one, never mind two. Should we open a second ISA in MrsBee's name or simply see how well we can fill up one allowance?

I'm thinking for access one each would be better, but we shouldn't really be accessing much while accumulating. And one between us would be easier for me to manage.

What might I not have thought of?

[never give up]

Hi Bee763. I'm afraid it's probably all the unpleasant stuff to think about I'm afraid. E.g. If you split up your savings would all be in one persons name. Would you both trust the other would hand over half of it? Forgive me but I don't know your ages. I believe in the event of one party going into a care home the money would be used towards the payment and the healthy partner would have no claim on that if it was in the others name.

I would tend to suggest each putting £6000 in an ISA on your own.

[daverobev]

I'd have them both set up and separate, paying in to both.

Firstly because it isn't all one person's, and would just be simpler were you to ever split - or be injured and in a coma and the other need funds ASAP or whatever.

Second because then just say some chunk of money magically appeared in the middle of March one year - an unexpected bonus or inheritance or gift. You can shove it straight into whichever ISA, both accounts are open and ready to receive. No faffing with opening accounts.

[Bee763]

Thanks folks, I figured that would be the case, just needed some others to say it so I wouldn't give in to my laziness!

[Bee763]

All done and monthly contributions set up. MrsBee has also given me viewing rights for her account, which should help manage them. Now to try not to look at them too often, or not take it personally whenever I do!