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Can you convert Junior ISAs into a different kind of account
Notanotherbloodylogin
Posts: 1 Newbie
Complete newbie here, sorry if I am MSEing incorrectly.
A few years ago, when we were a bit more financially certain, I opened Junior ISAs for my (now 6 and 3 year old) children.
Our financial situation is somewhat different and we are really having to forgo any extras. The children's grandmother would like to take them on a small holiday but is not flush herself. We just can't afford it - but the children can! Is there a way to convert the accounts to junior savings so that we could pay for extras for them with their money? I know if they had a regular savings account I could be a signatory.
A few years ago, when we were a bit more financially certain, I opened Junior ISAs for my (now 6 and 3 year old) children.
Our financial situation is somewhat different and we are really having to forgo any extras. The children's grandmother would like to take them on a small holiday but is not flush herself. We just can't afford it - but the children can! Is there a way to convert the accounts to junior savings so that we could pay for extras for them with their money? I know if they had a regular savings account I could be a signatory.
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Comments
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I believe the only "conversion" for a JISA is into an adult one at the age of 18 and there is no withdrawal options for them before that point, in your cases until 2029 and 2032, unless the child is terminally ill or dies.
So to answer your question - no, unfortunately you can't use the JISA the way you want to here.0 -
https://www.gov.uk/junior-individual-savings-accounts/overview
Money can only be withdrawn when the child is 18.0
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