Junior ISA question

Walnut

Could somebody please clarify for me whether or not my daughter is entitled to a Junior ISA.

She is 16 and was born in 1996. I had assumed that I could open a Junior ISA, but when I went into Halifax I was told that as she is 16 she has to open an adult ISA. I've re-read the info and I still think that she should be able to have a Junior ISA, but I could just be getting myself confused. :undecided

Reaper

She can open both a JISA (if she doesn't have one already) and an ISA!

Here is an FT article to back it up:
http://www.ft.com/cms/s/0/148b14dc-03d4-11e1-864e-00144feabdc0.html#axzz2Q3EijWNQ

While the investment limit is smaller than an adult Isa ... children aged between 16 and 18 can hold both a Junior Isa and an adult cash Isa.
According to advisers, a 16-year-old who already holds an adult cash Isa can still apply for a Jisa. So, at the age of 16, an investor could put up to £3,600 within a Junior Isa in stocks and shares or cash, and £5,340* in an adult cash Isa.

* This figure changed to £5760 this tax year

pqrdef

A bank doesn't have to offer you anything it doesn't want to. If they think there's no money in selling JISAs to 16-year-olds, they can just opt out of the market and not make a product available to that category of customer.

You'll have to look at the T&C and see if the branch is misinterpreting the bank's rules. Sometimes they do, because they can't be bothered to sell products that don't help towards sales targets.

jmt

My DS was 16 last August when he opened a JISA and and ISA with CBS. We went into our local Halifax branch yesterday and moved the JISA as they are paying 6%, but the assistant tried to tell me that he would not get this rate unless I opened an ISA as the responsible adult. I asked her to read her info again and DS opened an 3 year fixed ISA. I was told that CBS could take up to 14 days to transfer the JISA.

xylophone

http://www.halifax.co.uk/isas/?WT.seg_3=Common/promotion/savings/hlinkd/saving-isasonli-lnkd-isasonli00
6.00% tax free/AER variable
if an adult cash ISA is held or child is 16 and over. If an adult Halifax Cash ISA isn’t held, the standard Junior Cash ISA rate (3.00% tax free/AER variable) will apply.

See also https://forums.moneysavingexpert.com/discussion/comment/60199281#Comment_60199281 post 15

Walnut

Thank you for the replies, you've been really helpful.

I had taken my daughter into the Halifax with me last week when they said that she couldn't have a JISA. Assuming that they were right and me panicking about using her tax allowance, she opened an ISA.

We went back today with a few printouts from the links that have been provided and they admitted that she should have let us open a JISA. Head Office have agreed to change the account and amend the interest as it is a banking error on their part. Luckily it will be easy to check if they amend the interest correctly as I opened a JISA for my other child on the same day.

Thanks again.:T