Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 7
    • xylophone
    • By xylophone 22nd Dec 16, 5:55 PM
    • 22,860 Posts
    • 13,213 Thanks
    xylophone
    What proof of ID and existence is required for the child
    Check on the web site of your chosen provider.
    • tribpot
    • By tribpot 2nd Jan 17, 11:23 AM
    • 9 Posts
    • 2 Thanks
    tribpot
    Hi there, I'm trying to open a Junior Cash ISA with Tesco for my son (aged 11). He has a CTF. Tesco tell me they cannot accept a transfer in from a CTF. (Having previously told me they did). Assuming the later info is correct, are only some Junior ISA providers accepting CTF contributions, and if so which ones?
    • darkovo
    • By darkovo 5th Jan 17, 11:53 AM
    • 100 Posts
    • 25 Thanks
    darkovo
    Scottish Friendly Junior ISA and Quidco cashback
    Hi, Scottish Friendly Junior ISA is paying via Quidco cashback the following:
    £130 for opening a My Select (Junior ISA) with a monthly premium of £100 or more (Expires in 3 days)
    or
    £118 for opening a My Select (Junior ISA) with a lump sum investment of £1000 or more (Expires in 3 days)

    I'm interested in transferring from Halifax to Scottish Friendly to get the £118 cashback via Quidco, has anyone tried to do this in the past and been paid the Quidco cashback?
    • Issy707
    • By Issy707 5th Jan 17, 6:50 PM
    • 9 Posts
    • 4 Thanks
    Issy707
    How long should a Junior Cash ISA transfer take from one high street provider to another?
    • lifebegins
    • By lifebegins 18th Jan 17, 11:25 AM
    • 123 Posts
    • 144 Thanks
    lifebegins
    My daughter is 15 and we don't currently have a junior ISA. She will hopefully go to uni at 18.
    She qualifies for a junior ISA as she didn't get a Child Trust Fund (too old).
    Is there much advantage in saving what we can manage now (probably around £200 a month) in a JISA?

    If so, what would anyone recommend for a junior ISA which will only exist for just less than 3 years?
    I liked the Coventry £50 welcome bonus but when I read the T&C it says they charge £50 if your child redeems it in less than 5 years, which she would.
    • xylophone
    • By xylophone 18th Jan 17, 3:31 PM
    • 22,860 Posts
    • 13,213 Thanks
    xylophone
    http://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html

    http://www.coventrybuildingsociety.co.uk/savings-accounts/junior-cash-isa.aspx

    Can't see information about welcome bonus.

    It still pays the best rate.
    • lifebegins
    • By lifebegins 19th Jan 17, 8:25 AM
    • 123 Posts
    • 144 Thanks
    lifebegins
    Thanks xylophone. Sorry- got my JISAs confused- it was Scottish Friendly which offers the welcome bonus but takes it away if JISA redeemed within 5 years.
    • fuzzgun19
    • By fuzzgun19 27th Jan 17, 10:58 AM
    • 6,775 Posts
    • 54,797 Thanks
    fuzzgun19
    Hello Forum Members

    I read this in the guide...

    "Once the child turns 18, the Junior ISA automatically rolls over into a normal adult ISA, and they will retain whatever split between cash and investments existed at that time. From then on, the account holder will be able to add cash up to whatever the prevailing ISA allowance is at the time (currently £10,680/year, of which £5,340 can be cash)."


    Many thanks.
    Originally posted by arrazello
    Can anyone advise if this still applies?

    My child turns 18 soon and has a Nationwide Smart Junior ISA paying 3%.
    Or will the account close and the money just goes to his other Nationwide account (FlexOne)?
    I Hate Jobsworths!!!
    • xylophone
    • By xylophone 27th Jan 17, 12:49 PM
    • 22,860 Posts
    • 13,213 Thanks
    xylophone
    http://www.nationwide.co.uk/~/media/MainSite/documents/products/savings/terms-and-conditions/P2780.pdf

    When the account holder reaches the age of 18 years, we will automatically convert the account into a cash ISA. The terms and conditions and interest rate applicable to that cash ISA account at that time will apply



    The adult ISA allowance is currently £15,240 and will increase to £20,000 in the new tax year.
    • Robisere
    • By Robisere 11th Jul 17, 7:51 PM
    • 1,728 Posts
    • 2,526 Thanks
    Robisere
    Which Junior Savings?
    We invested the same ISA sum with all 4 grandchildren, now aged 23, 20, 18 and 11. The 3 eldest have taken theirs at 18 and used it to open bank accounts. The youngest also has a CTF, opened by mum. We do not know how much is currently in the CTF, as mum & dad are living in a rented property whilst their house is being rebuilt. CTF documents are buried somewhere in the piles of papework within the almost-finished house. The youngest having the longest period to save, allowed a 5 year Fixed Term ISA and that is now almost matured at £3,180. When we are able to learn the amount of the CTF, we would like to combine both sums into a new Junior ISA. I understand that the limit for this is a maximum of £4,128.

    If we can invest the whole of this, is it better to do this as grandparents, or pass the money to her parents and allow them to invest? As grandaughter is 12 in a few days, this will make for 7 years of investment. Both parents work and the rebuilt house will be on the market when finished, for between £200K and £215K. They will then buy another home.
    There may be more than one way to skin a cat.
    But the result is always inedible.

    • eskbanker
    • By eskbanker 12th Jul 17, 12:21 AM
    • 5,466 Posts
    • 5,269 Thanks
    eskbanker
    The youngest having the longest period to save, allowed a 5 year Fixed Term ISA and that is now almost matured at £3,180. When we are able to learn the amount of the CTF, we would like to combine both sums into a new Junior ISA. I understand that the limit for this is a maximum of £4,128.

    If we can invest the whole of this, is it better to do this as grandparents, or pass the money to her parents and allow them to invest? As grandaughter is 12 in a few days, this will make for 7 years of investment.
    Originally posted by Robisere
    A JISA would need to be opened and managed by the child's parents, who can indeed convert the CTF and add up to £4,128 of new contributions per tax year (such as your £3,180). The JISA would mature in six years not seven, i.e. on granddaughter's 18th birthday.

    Both parents work and the rebuilt house will be on the market when finished, for between £200K and £215K. They will then buy another home.
    Originally posted by Robisere
    Not sure if something obvious is passing me by but I can't see any connection between this and the question about grandchildren's savings!
    • Alexland
    • By Alexland 13th Jul 17, 9:45 PM
    • 188 Posts
    • 99 Thanks
    Alexland
    I don't understand the relevance of the house value either.

    Parents open and manage JISA and on some platforms others can contribute directly.

    Although the child could withdraw money in 6 years when it converts to a normal ISA they might keep it longer for house deposit etc so it might still be worth considering stocks/shares.

    For the opportunity of growth I would suggest the Orbis Access Balanced Fund JISA which is fee-free for transfers and first 12 months of contributions (can cover 2 tax years) until 18 years old and has excellent history of outperforming the markets.

    Alex
    • Workerbee999
    • By Workerbee999 31st Jul 17, 8:21 PM
    • 32 Posts
    • 1 Thanks
    Workerbee999
    For the opportunity of growth I would suggest the Orbis Access Balanced Fund JISA which is fee-free for transfers and first 12 months of contributions (can cover 2 tax years) until 18 years old and has excellent history of outperforming the markets.

    Alex[/QUOTE]

    I have just started looking at where I should transfer my son's CTF to. It is currently with MyFamily, with a value of 5k and we have been putting £20 pm in. He is currently 13 so there are 5 investment years still to go. We would like to help him get a lump sum together for uni/car, and can increase contributions to £50pm.

    Charges are 1.5% but it is only a FTSE all-share tracker so this seems really expensive to me. Plus I'm not sure all UK is best for the next few years? I would like to transfer to something with lower fees and good performance. I have had a look at the Orbis Access Balance Managed Fund mentioned, and also it's Global Equity Fund, and I would be glad for any views:

    1) Am I right in thinking that I wouldn't pay fees on the amount I transfer and put in during the first year for the whole period until he is 18, or just for the first year?

    2) With 5 years to go, is the Global Equity Fund too risky?

    3) Are both these good funds? - I didn't really understand how the charges worked based on exceeding the benchmark to be able to compare it to other funds

    Any feedback would be great as I want to do something better with the Fund but don't really know where to start.
    • Workerbee999
    • By Workerbee999 31st Jul 17, 8:52 PM
    • 32 Posts
    • 1 Thanks
    Workerbee999

    For the opportunity of growth I would suggest the Orbis Access Balanced Fund JISA which is fee-free for transfers and first 12 months of contributions (can cover 2 tax years) until 18 years old and has excellent history of outperforming the markets.
    E
    Alex
    Originally posted by Alexland

    I have just started looking at where I should transfer my son's CTF to. It is currently with MyFamily, with a value of 5k and we have been putting £20 pm in. He is currently 13 so there are 5 investment years still to go. We would like to help him get a lump sum together for uni/car, and can increase contributions to £50pm.

    Charges are 1.5% but it is only a FTSE all-share tracker so this seems really expensive to me. Plus I'm not sure all UK is best for the next few years? I would like to transfer to something with lower fees and good performance. I have had a look at the Orbis Access Balance Managed Fund mentioned, and also it's Global Equity Fund, and I would be glad for any views:

    1) Am I right in thinking that I wouldn't pay fees on the amount I transfer and put in during the first year for the whole period until he is 18, or just for the first year?

    2) With 5 years to go, is the Global Equity Fund too risky? I know that's a personal choice but it's hard when it is on behalf of someone else, so any views would be good.

    3) Are both these good funds? - I didn't really understand how the charges work based on exceeding the benchmark to be able to compare it to other funds

    Any feedback would be great as I want to do something better with the Fund but don't really know where to start.
    • Keep pedalling
    • By Keep pedalling 31st Jul 17, 9:51 PM
    • 3,563 Posts
    • 3,833 Thanks
    Keep pedalling
    Our first grandchild is due in September and plan to gift him his full JISA allowance which hopefully will grow nicely in the 18 years to maturity.

    Vanguard do a JISA with a 0.15% annual charge and a this is the JISA I am currently thinking of recommending to my son, putting the lot into Vanguard LifeStrategy 100% fund which has an annual charge of 0.22%
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,779Posts Today

7,968Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin