It’s the month of love, and while Martin Lewis today warned against splurging cash on pricey presents simply because of Valentine’s Day, the Money Saving Expert shared some financial tips for couples. This included highlighting a new joint savings account which has been launched this week.
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Speaking on Good Morning Britain, he explained where savers could find the new “top” joint savings account.
Mr Lewis said: “Marcus, which is a top easy-access savings bank – you can put money in and take money out whenever you want – has finally allowed joint savings.
“So two people can open a savings account with it. It pays 1.35 percent easy access. You can now do it joint.”
However, Mr Lewis explained that customers already saving with Marcus by Goldman Sachs couldn’t convert their accounts into this type.
Rather, they would need to open up the new joint savings account.
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Martin Lewis spoke about the ‘top’ easy-access joint account (Image: GETTY • ITV)
Martin Lewis focused on how couples could make their money go further during the Good Morning Britain segment (Image: Martin Lewis: Couple in pictures looking at savings accounts)
“You can’t convert old single accounts into joint accounts, so you’d have to open a new joint one and then move it in,” he said.
“But, you may be on a slightly higher rate than before so do check that out.”
The account pays 1.35 percent AER variable on balances of £1 or more, and allows unlimited withdrawals, the Money Saving Expert has said.
He also said on the matter: “If you’ve savings earning less, ditch and switch.
“You can’t add a partner to an existing Marcus savings account – but could close it and open a new joint one (though those who’ve had them a while may be earning more).”
Managing Director of Marcus by Goldman Sachs, Des McDaid, said: “Since launching in the UK with our easy access Online Savings Account we’ve received countless requests from customers for joint accounts.
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“Regardless of whether you are saving towards a major life goal such as starting a family, planning your next holiday getaway, or just saving for a rainy day, we’re pleased to now be able to offer our easy access Online Savings Account to joint savers and help them on their savings journey together.”
Elsewhere during the Good Morning Britain segment, Mr Lewis explained how couples could potentially claim up to £1,150 in tax relief.
However, it came with a warning, as some people could miss out on a chunk of the savings if they failed to act soon.
Mr Lewis was talking about the Marriage Allowance, which couples who are married or in a civil partnership may be able to claim.
With the end of the tax year – which falls on April 5 – looming, those eligible to backdate claims are being warned not to miss out.
Martin Lewis also explained how couples could claim tax relief via the Marriage Allowance (Image: GETTY)
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Mr Lewis told ITV viewers: “The Marriage Tax Allowance is an allowance for married couples or those in civil partnerships.
“If you’re not in any of those I’m afraid you’re not entitled to it. It is social engineering by the government to reward marriage through the tax system.
“What it says is if there’s a non-taxpayer married to a 20 percent basic rate taxpayer, the non-taxpayer can give 10 percent of their tax-free allowance to the 20 percent taxpayer.
“So 10 percent this year is £1,250. If you save 20 percent tax on £1,250, you gain £250 and that’s done by changing the tax code.
“But you can also back claim this for four years, which means – and people get a cheque for the rest – is £1,150.”
However, Mr Lewis explained why for the first time, eligible taxpayers wouldn’t be able to backdate their claim since the Marriage Allowance was introduced, after the end of the current tax year.
“On the 6th April we have a new tax year, and for the first time that means you can’t go back to the beginning,” he said. “So you will lose the 2015/16 tax year if you were eligible, if you don’t claim it now – because after the 6th April you can no longer back claim that amount.”
He then turned to viewers and said: “So look, if you’re a non-taxpayer married to a taxpayer in almost every circumstance, this is a big winner for you.”
Mr Lewis also said that 2.4 million people are eligible and missing out.
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