Top Junior ISAs guide: discussion

refluxer

duckson said:

Anyone moved a Junior S&S ISA to a Junior Cash ISA?

Enquired about moving to Tesco to which  they said a transfer would have to be from a Cash ISA but Vanguard don’t obviously do Cash ISA’s!

(S&S ISA is 99% in cash). 

I've not done this personally but this official (government) info suggests it should be possible, so it might be a condition that Tesco impose on their Junior Cash ISA account to keep things easy for themselves ?

"A child cannot have more than one JISA of each type at any time. So if a cash JISA is transferred to a cash JISA with another provider (or a stocks and shares JISA is transferred to stocks and shares JISA with another provider), the whole account must be transferred. However, any type of JISA can be transferred entirely or in part to a new or existing different type of JISA, subject to guidance on previous years’ JISA subscriptions and current years’ JISA subscriptions provided that at the end of the transfer process the child does not have more than one JISA of each type."

refluxer

Tesco Bank's Junior Cash ISA went up to 3.00% from 2.25% yesterday - it's not the highest rate available, but it is now the highest-paying Junior Cash ISA you can both open and manage online, plus it avoids the pain of dealing with NS&I who were the highest in that category up until yesterday.

refluxer

Coventry Building Society's Junior Cash ISA (2) is increasing from 4.30% to 4.70% on 7th July.

https://www.coventrybuildingsociety.co.uk/member/product/savings/children/junior-cash-isa-2.html

DeLaSole

On 14 August 2023, the Coventry BS JISA rate will increase from 4.70% to 4.95% tax-free p.a./AER.

frankpaul55

I can't find a simple answer to this question- If I add £9000 to my grandchild's junior isa each tax year - what rate of interest do they receive - does it change according to the rate posted at the point the funds are placed in the account initially or does it vary, if so, on what basis. Thanks

refluxer

frankpaul55 said:

I can't find a simple answer to this question- If I add £9000 to my grandchild's junior isa each tax year - what rate of interest do they receive - does it change according to the rate posted at the point the funds are placed in the account initially or does it vary, if so, on what basis. Thanks

Is it a Junior Cash ISA ? The interest rates on them is usually variable and you receive the current rate on the whole balance, just like you would on an adult easy access savings account.

If you're maxing out your grandchild's £9k allowance, make sure the parents know so that no other deposits are made into the account.