Halifax Junior Cash ISA paying 6%

opinions4u

Linky

To new and existing adult cash ISA customers.

Mikeyorks

That's an 'interesting' package! Starts to push it close to what you might expect out of an investment ISA - but without the worrying volatility.

aliasojo

Withdrawals from any Junior Cash ISA are not allowed until the child reaches the age of 18, except in case of the child's death or terminal illness.


Is this usual for all/most child ISAs?

opinions4u

aliasojo wrote: »

Withdrawals from any Junior Cash ISA are not allowed until the child reaches the age of 18, except in case of the child's death or terminal illness.


Is this usual for all/most child ISAs?

It's the rules set by HMRC / our great leaders.

Kids can't withdraw until they're 18.

At which point they can choose which responsible (or other) course of action to take with their money.

aliasojo

Ah, I didn't realise. Thanks for clarifying.

Mikeyorks

This is unique - however, to Junior ISAs. It does more or less mirror Child Trust Funds ...... but will be to prevent parent's shielding their own funds in an additional tax free account?

Mk14:37

No withdrawals, but can funds be transferred i.e. to a better rate account if rates fall? Couldn't see this on the website.

Mikeyorks

Mk14:37 wrote: »

but can funds be transferred i.e. to a better rate account if rates fall? Couldn't see this on the website.

Doesn't need to be there - as it's a standard requirement of cash ISAs that they're transferrable This from the JISA guidance (18.1.9) from HMRC (my bold) :

Any person can make subscriptions into a child’s JISA, and the only amounts that can be withdrawn prior to the child’s 18th birthday are to meet certain provider management charges and other specific expenses, or where the child is terminally ill (see chapter 26). Should the child die before they reach 18 the JISA will close and the investments will become part of the child’s estate. In all circumstances other than death or terminal illness of an account holder (or when a nil balance arises because a JISA has been opened and a small initial investment has been made, but contributions then stop and agreed charges then bring the balance down to nil), a JISA must run until the account holders 18th birthday, although – as with ‘adult ISAs’ - accounts can be transferred between account managers.

Mk14:37

Thanks Mikey

anselld

My daughter (17 year old) opened on of these last Friday, but it has not yet showed up on her online banking along with her other accounts. Does anyone know if it should be viewable online or not and if so how long before it comes visible?

chrisnw

So I drove 2 miles to my nearest Halifax branch to open a JISA for my daughter. I went prepared with details of my existing Halifax ISA and proof of both my and my daughter's identity. "Sorry sir we can't do that at the counter you have to see an adviser, there are no appointments until this afternoon". That was at least an hour and a half away. I asked to see the manager but was told the same thing. Apparently although there were at least 6 staff in the branch and it was not busy, only one member of staff was "Trained" to do this, even the manager was not allowed to do it. PATHETIC is the word that came to mind (not only to mind actually) and I left.

So make an appointment before you travel would be my advice.

I wonder whether other institutions might now start offering better rates in the run up to April 5th?

Also, are there any rules about whether providers have to allow "Transfers in", and whether they can implement "Transfer out" restrictions on cash JISAs. Some providers appear to be doing the latter by requiring a notice period. Needless to say the PATHETIC halifax web site makes no explicit mention at all of transfers in or out.