Junior ISAs


(James Murray-Ferris) #1

Hey All

I’m guessing there are plenty of parents in the forum’s (I may be wrong) I was just wondering where you currently hold savings for your children?

I’ve currently got a Junior ISA with Nationwide however they have pulled the product and won’t let me transfer in an ISA that I was unaware my son had (his come from care so it was opened by the adoption services) and they are trying to get me to transfer into a new Junior Savings account they offer that is not an ISA

I’m reluctant to swap to the product as it doesn’t lock the money away till my son’s 18th like the current product and I don’t like that due to family history that I won’t go into!

I hate multiple providers as well so I need to transfer this other ISA into something I just don’t know where too now just wondering what other people are doing really?


#2

Both of mine have Child Trust Funds so I’m going to convert them to junior ISAs at some stage. ISAs as far as I’m aware become the child at 16, unlike Trust Funds which is 18

Edit: actually it’s that they can take ownership of the account at 16 but not withdraw money


(James Murray-Ferris) #3

Quick Google says 18 years old but they get some sort of control at 16 but still can’t make withdrawals.

I just don’t know what provider to choose really


#4

I’m thinking of NS&I (2.5%) as it’s online only so no faffing with branches which might end up closing anyway. And I’m also considering of a Junior Stocks and Shares ISA as well but haven’t looked into that yet


(James Murray-Ferris) #5

I’ve found Coventry Building Society are doing a Cash Junuor ISA rate of 3.6% ATM and can do it all via post or online if you’re a member (I’m not haha)

My son’s ISA I want to transfer in is a stock and shares ISA and in 3 years has made £2.08 and his Cash ISA has made £7 in a year on the same equivalent amount when I work it out.


#6

Just querying - I didn’t think you can have multiple JISAs anyway, unlike full ISAs.

For small amounts in the course of the year, I would open something like the Halifax Kids Regular Saver and transfer to a JISA when the regular saver matures each year. A lot easier too if you have to go into a Coventry branch to pay in.


(James Murray-Ferris) #7

You are allowed a JISA of each kind so one is Cash ISA and one is Stocks and Shares ISA so fortunately we have that…however probably would have got away with it for a while since we weren’t informed about it and the city council were the ones who failed to inform us of it (despite me specifically asking as well!)

Coventry Building society would still allow me to pay in via a Standing Order/Bank transfer


(Drew sanders) #8

Both my children have an investment JISA with Hargreaves Lansdown. My D aged 8 started with a pesky trust fund but was converted at first opportunity. My S aged 5 isa since under 1.
I decided on investment isa due to timeframes involved.
We have seen massive differences in performance- D is up 15% in 3 years (better than interest rates), S is up 89% in same period.
My wife thinks I’m stupid - you may agree…
I explained to them both about their savings account - imagine what my D thinks of her brother beating her!!


(James Murray-Ferris) #9

Wow that is some awesome returns!

My eldest knows his got a savings account and I top it up every month (not loads but it’ll amount to something!) But youngest has no concept of accounts and money ATM being 20 months haha


(Drew sanders) #10

My S was at 115% a few months ago. There is an old saying sell in May buy in October- unfortunately I haven’t done that.
I think it’s a little luck involved really. I picked 4 different companies of which 3 have had really good returns (over 100%) and one that has lost over 50%.
I did a lot of research into stocks & shares and was wary of ongoing management charges (any fund don’t pay over 1% in ongoing charges) there are so many companies offering JISAs. I chose Hargreaves Lansdown as they provided easy reading tips & advice but they are not the cheapest around.

My tip would be if your child is under 8 then look at stocks or shares as the returns will generally outweigh interest rates. There are so many options to look at & im always thinking if there is a fallout from Brexit am I best investing in the US? Although we do have Trump & you can’t predict his next move.


(James Murray-Ferris) #11

Both my kids are under 8 so yer makes sense. There website did come up in the Google search as I was looking for providers I may do I bit more digging. Maybe split them up so I’ve got a guaranteed and a risk pot lol

Yer I’m not sure what’s worse trump or Brexit that’s a tough answer haha