Does this sound ok to you.

woodyross

On Saturday I went to my local Virgin money and opened an isa for my daughter (aged 17). I deposited £2000 of her allowance. Yesterday my mother and daughter went to the Halifax and where advised to change my daughters savings account to a junior isa. They did this transferring £2300. My daughter told the lady in the Halifax she had just opened an isa with Virgin and she said that was fine. I dont think it is right as she now has two isa's , one with a £5460 allowance and one with a £3600 allowance. I hope its ok as it will save a lot of running around. What do you think ??

unimaginative_user_name

IIRC 17 year olds can make deposits in a junior ISA and an adult one in a tax yeat so I think your daughter is OK.

psychic_teabag

Does a parent hold an ISA with Halifax ? I think JISA gets 6% in that case.

[Deleted User]

Hi,

Who can have a Junior ISA

Your child can have a Junior ISA if they:

• are under 18
• live in the UK
• are not entitled to a Child Trust Fund (CTF) account

Your child can’t have a Junior ISA if they already have a CTF account.
Children aged 16 could choose to open an adult cash ISA as well as a Junior ISA.

What happens when your child is 16 or 18

When your child is 16 they can become the registered contact and manage their own account if they want to.
When your child is 18 they can choose to take the money out of the Junior ISA or invest it in a different type of account. Otherwise the Junior ISA will automatically become an adult ISA.

More info here.

woodyross

psychic_teabag wrote: »

Does a parent hold an ISA with Halifax ? I think JISA gets 6% in that case.

Hello,yes she is getting the 6% just wasn't sure she could have 2 isas running at the same time.