Direct ISA Issue 2

K_Barry

Help please! After listening to Martins tips about ISA's on th Jeremy Vine show, I helped my 16yr old (working) son to transfer his savings to an ISA -Just under £3000. Now have recieved the paperwork and it says he has to be 18yrs although they knew when we set it up he was only16. Any advice about where to put the money now would be appreciated. Thanks KB

grumbler

See links in the blue box above.
Depending on how much your son's annual income is he might be eligible to pay less than 20% tax on saving or not to pay tax at all.

Joe_Bloggs

From April 2001 a 16 year old could get a mini cash ISA or the cash component of a Max ISA, see:- here.
I have seen the Terms and conditions that allow mini cash isa including the Halifax etc without much searching. Which ISA is this matter concerning ? An alternetive until 18 and from as early as 0 is the Nationwide Smart Account.
J_B.

K_Barry

Its the Alliance and Leciester direct ISA issue 2. Martin said this had the best rate 5.2% and was for 16yr olds and upwards. The thing is they opened the account and took his money! KB

Joe_Bloggs

The treasury are clear at 16 the A&L say you have to be 18. Contact A&L, MSE Martin and your local MP if you want this injustice resolved.
J_B.