can i pay into 3 isa's using a childs account

Cocotheclown7

Hi guys just registered with this so bit rusty on it, my question is i have opened an isa this year could i open 2 more next tax year (april) and pay into all 3 by using my childrens halifax 'save for it' accounts for one of them and me and wife payin in other 2!!!

Lokolo

No you can't.

You can contribute to one ISA each tax year.

So on April 6th you can open one for you to deposit into, one for your wife to deposit into.

Cocotheclown7

Cheers, im looking to use an isa as a savings for children, if i open 2 in april 1 for me and wife to share (in 1 of our names) and 1 for kids to share (in the other adults name) what do i do with the isa i just opened cos will not have much in it, could i transfer it to the new one im going to open in april!!

kfm

You and your wife can have one cash ISA each.

An ISA can only be opened for someone over 16 and it must be in their sole-name.

You can transfer your previous ISAs as long as the new provider allows this.

p00hsticks

Cocotheclown7 wrote: »

Cheers, im looking to use an isa as a savings for children,

Children under 16 can't open ISAs - unless they have an large income they should be eligible to get any interest on their savings paid tax free anyhow. Specific savings accounts for children will probably pay interest gross as the norm, or alternatively you can fill in a R85 form for the account to request it.

Mikeyorks

Cocotheclown7 wrote: »

if i open 2 in april 1 for me and wife to share (in 1 of our names) and 1 for kids to share (in the other adults name) what do i do with the isa i just opened cos will not have much in it, could i transfer it to the new one im going to open in april!!

Yes you can open the 2 x ISAs as you propose. The one you've just opened you can simply leave to continue earning interest ..... or you can transfer it to the new one if that has a better rate of interest.

For the children .... it's likely a Junior ISA will be announced this Autumn. But I doubt the rates will be startling ..... so you will be better using one of the adult ISAs if you're not going to save more than the annual allowance (£5340) between yourself + wife.