Top Junior ISAs guide: discussion

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

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

How long should a Junior Cash ISA transfer take from one high street provider to another?

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

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

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

arrazello wrote: »

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.

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)?

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

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.

eskbanker

Robisere wrote: »

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.

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.

Robisere wrote: »

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.

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!