Helping out my kids with ISAs

rb10

innovate wrote: »

penny, there's a belief that you can open a Halifax ISA with a transfer-in (of previous years's ISA(s)) - - are you saying this isn't possible?

If it were, you could get at the 6% JISA at very reasonable cost

There is no need to pay in new money to a Halifax ISA; a transfer in is sufficient.

helptoyou

Hi

A) your daughter aged 17 qualifies for the 6% rate regardless of you holding a Halifax ISA SEE BELOW

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.

once 18 she would then lose the junior rate. I assume halifax would contact her then with options available.

Your son under 16 --- if you open a halifax ISA the implication is that any further funds from this years allowance would need to be paid into that ( as long as easy access ) previous years allowances can be transfered to whoever you like come october. HAVE YOU PAID ANY OF THIS YEARS ALLOWANCE 13/14 INTO YOUR CURRENT ISA IF SO YOU CANT OPEN A FURTHER HALIFAX ISA FOR 13/14 ALLOWANCE .

innovate

helptoyou wrote: »

Hi

A) your daughter aged 17 qualifies for the 6% rate regardless of you holding a Halifax ISA

That's a very valid point, and confirmed again on the Halifax interest rate page

The Relationship Interest will also apply to all Junior Cash ISAs where the child is 16 or over whether or not the Registered Contact has a qualifying Halifax cash ISA.

http://www.halifax.co.uk/savings/interest-rates/personal-rates/#junior-cash-isa

xylophone

Halifax do not allow transfers-in from non-Halifax ISAs.

This is not so. http://www.halifax.co.uk/isas/help-guidance/common-enquiries/#when_can_i_switch

penny_pincha

Thank you to all those who have taken the trouble to reply.

helptoyou wrote: »

A) your daughter aged 17 qualifies for the 6% rate regardless of you holding a Halifax ISA SEE BELOW

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.

once 18 she would then lose the junior rate. I assume halifax would contact her then with options available.

I called Halifax today. This fact was confirmed to both she and I. She has now opened a Halifax jISA at 6%. We were catagorically told that she would be able to get the 6% rate and was not conditional on me having an ISA with them.

helptoyou wrote: »

Your son under 16 --- if you open a halifax ISA the implication is that any further funds from this years allowance would need to be paid into that ( as long as easy access ) previous years allowances can be transfered to whoever you like come october. HAVE YOU PAID ANY OF THIS YEARS ALLOWANCE 13/14 INTO YOUR CURRENT ISA IF SO YOU CANT OPEN A FURTHER HALIFAX ISA FOR 13/14 ALLOWANCE .

I have not funded any ISA whether new or existing yet in 13/14 tax year. It occurs to me after reading some other posts, that unless I am mistaken, I could open an ISA with the Halifax in order my son (who is 15) can benefit from opening a Halifax 6% jISA. After Oct 13 I can open another ISA (with the best rate around at the time) and transfer the flexclusive ISA money into it.

I may be misinterpretation something though.

penny_pincha

penny_pincha wrote: »

She has now opened a Halifax jISA at 6%. We were catagorically told that she would be able to get the 6% rate and was not conditional on me having an ISA with them.

I have not funded any ISA whether new or existing yet in 13/14 tax year. I could open an ISA with the Halifax in order my son (who is 15) can benefit from opening a Halifax 6% jISA. After Oct 13 I can open another ISA (with the best rate around at the time) and transfer the flexclusive ISA money into it.

Just in case this may be of use to anyone else. I had done the above.

My daughter (17) has opened a Halifax jISA @ 6% and I have opened a 1.75% ISA with the Halifax in order for my son (under 16) can open a jISA too @ 6%. I was careful to transfer some funds into my new Halifax ISA so that in October, when my other ISA rate drops, I am free to open another in which to transfer that money into.