Son 16 in September - which ISA do i/can i open for him?

comping_cat

This year, with the majority of debts now out the way, i wanted to start saving for my children.

My daughter is easy, she is about to turn 14 so i thought a childs ISA will be fine for her.

However, my son is 15, 16 in September, so i didnt know what i should do for him. Do i open a childs ISA and then an adult one at 16? If so, can i then transfer the money from the child ISA to the adult one?

Or is it best to wait until September, and just open an adult ISA for him?

Thank you in advance.

westy22

Although under HMRC legislation your son can have both a JISA (Cash or Funds) and an adult Cash ISA between the ages of 16 and 18 not all banks will allow it.

As you are starting out saving you probably don't have thousands to tuck away for him so I would be tempted to wait till his 16th birthday and then open an adult Cash ISA for him.

Remember that the money in an adult Cash ISA will be in his name solely and that he can manage (or mismanage) the account himself and draw from it if he wishes. The JISA would not be accessible to him until he became 18.