Top Junior ISAs guide: discussion

xylophone

" Relationship interest available if the adult registered contact linked to the Junior Cash ISA holds a Halifax Cash ISA with a minimum balance of £1.Presumably your son/daughter (provided he/she holds a Halifax ISA could set up the 6% JISA (one of them will be the registered contact) and you could pay in via regular SO?

He/she could set up the Regular Saver and you set up a standing order?
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672

http://www.halifax.co.uk/savings/accounts/branch-accounts/

http://www.hmrc.gov.uk/tdsi/children.htm

NHM

best Junior ISA i've found is with the Halifax offer 6%. The only clause is that you must have an ISA with them.

billy2309

Hi, am after a bit of advice, have trawled this site (and others) and am still struggling to decide. I want to start up a junior isa for my baby, want to put a few hundred pounds in as a lump sum then £50-100 a month. will increase it in the coming years as and when I can afford more. am leaning more towards a shares isa as from what i've read and been told, they may perform better over a longer period of time.

Have seen the Jump (witan) and hargreaves lansdown mentioned on here, have also found online the 'family investments' and 'TCF' (total clarity fund) from the childrens isa website, which says it is low cost. I want one that I don't have to manage at all as I wouldn't have the time.

Does anyone have any experience with any of these that could help me out. any advice will be greatly appreciated, I know its not a great deal of money but don't want to make a wrong decision so early in my babies savings.

many thanks in advance

innovate

There's lots more to read up for you - e.g.

monevator.com - particularly the section on passive investment

monkey with a pin - worth reading it end to end but a good summary starts on page 99 (can also get a free ebook version of this but you'll have to register an email address. You can use mailinator to get a transient email address )

xylophone

http://www.liontrust.co.uk/Products/IndividualSavingsAccountISA/JuniorIndividualSavingsAccountJISA.aspx
http://www.moneywise.co.uk/investing/investment-trusts/benefit-the-new-junior-isas-investment-trusts

Some more reading here. http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672

Remember your child can have both a stocks and shares and a cash JISA - "Your child can have both a cash and a stocks and shares Junior ISA. If they do, the total amount that can be paid into the two accounts in each tax year is £3,600. For example, £1,000 into a cash Junior ISA and £2,600 into a stocks and shares Junior ISA".

maisiedaisie

halifax junior isa is not available in scotland as you have to open it in branch and there are no branches

JVM

If you can get to a branch in England to open the account then it can be managed (ie paying money in) at a Bank of Scotland after that.

I have done this and OK so far......

deeor

Here is a different problem on which I would welcome comment. I am the executor for a relative's will which may involve giving comparatively small sums of money, (but over £1000) to her juvenile relations, none of which are my own children. I want to do it in such a way that the money cannot be accessed by anyone but themselves at age 16 or 18. Subject to sorting out the Child Trust Fund issue, the Junior ISA seems an ideal vehicle except that it has to be opened by a parent or guardian. How can I ensure that the parent actually opens the account and doesn't use the money for other purposes? Frog marching them to the bank and standing over them while the ISA is opened seems a bit of an extreme way to ensure my obligations as a trustee are fully met.:)

xylophone

You could open a "re" (bare trust) account for each of the children but you will need the parent to sign the R85. http://www.hmrc.gov.uk/tdsi/children.htm
You might consider fixed term bonds for simplicity.
http://www.money.co.uk/savings-accounts/fixed-rate-bonds.htm

deeor

Thanks xylophone. Will have a closer look at bare trusts. Fixed rate bonds won't work for the younger ones without giving me renewal work when they mature.