Splitting between junior cash ISA and junior investment ISA - what proportion?

IceTry

Thanks Xylo, that would be easier, but unfortunately, just looked at Coventry BS website and rang them to confirm, and they will not let you transfer a partial amount to another junior ISA, even if it an investment ISA. Same with Nationwide. As you are allowed legally to have one of each (cash and investment), this seems a bit strange. You have to transfer ALL of the junior ISA to another account. Oh well. I will have to look into this more. It may be the case that I cannot split my son's current ISA value at this stage after all. Or that institutions only do cash or investment junior ISAs. Am a bit puzzled. I will report back my findings ...

xylophone

You have looked at second link in post above (official Govt guidance)?


You would arrange for the whole of the CTF to a JISA account with one provider initially.


Then,

25A.8.1 Subsequent Junior ISA transfers
In any subsequent transfers from the Junior ISA, the child’s URN (or National Insurance number) must be passed to the new Junior ISA manager who will take responsibility for reporting it each year.

Once the former CTF is transferred to a Junior ISA, the Junior ISA can then be transferred to another Junior ISA in the normal way. Transfers may be made between account providers, or investments in a Junior ISA may be transferred (in whole or in part) from one type of Junior ISA (cash or stocks and shares) to another.

IceTry

xylophone wrote: »

Y

Once the former CTF is transferred to a Junior ISA, the Junior ISA can then be transferred to another Junior ISA in the normal way. Transfers may be made between account providers, or investments in a Junior ISA may be transferred (in whole or in part) from one type of Junior ISA (cash or stocks and shares) to another.

Thank you Xylo, but Coventry and Nationwide are categorical that I cannot transfer partial fund from their cash junior ISA to a junior investment ISA with another provider; I have to transfer the whole amount or none at all! I will have to look around and see if there are providers that do allow this. Like I said, strange, and may even be breaking government guidelines ...

xylophone

In which case, do it the other way round?

Transfer the CTF to eg Charles Stanley stocks JISA - then transfer part to Nationwide cash JISA?

http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/junior-isa-terms-and-conditions

You can transfer in to the Smart Junior ISA the whole of a Junior cash ISA and/or the whole or part of a Junior Stocks and Shares ISA held with another Junior ISA manager. If you wish to do so:

You could then transfer the cash JISA to any other provider as suits?

IceTry

Thanks again Xylo! Yes you can do this with Charles Stanley.

BUT I've now found out Coventry will do a partial transfer from their cash junior ISA to another provider's investment junior ISA. I called them again, and spoke to someone different, and different answer! Their website is misleading though saying partial transfers are not possible, and so I was misinformed by them (and Nationwide) on the phone yesterday. Thank you very much for sticking with it Xylo, I think I now have a simple plan! Transfer all of it to Coventry from Child Transfer Fund, and then choose an investment one shortly after that.

Phew!!!!!!!!!!

xylophone

and so I was misinformed by them (and Nationwide) on the phone yesterday

It might be worth a complaint to both - at the least, there is the chance they'll improve the staff training and at the best, improve the training and throw you some compo.......:)

IceTry

Xylo, are you still there? Its been a slogfest getting to the bottom of this.

Weeeellllll.... as I said Coventry gave me a different version when I rang yesterday!

You CAN in fact do a PARTIAL transfer from cash Junior ISA to investment Junior ISA, though Coventry originally told me you couldn't.

They are not differentiating between a cash or investment junior ISA.

I made a formal complaint today, as you suggested, and they are sending me £25 to thank me for pointing this inconsistency on their website (and in their telephone advice) out. so thank you Xylo for suggesting that. Like you (I suspect) I'm like a dog with a bone when something doesn't make sense.

When I complained, I hoped they improved their training and website information. Perhaps, to be fair, the customer services person today did start talking about this year's money not being able to transfer (?) but previous years' money being able - but as I made it clear in the phone conversation it was a whole chunk of 15 years savings that was going to be transferred to junior cash ISA that didn't apply.

(Nationwide told me the same, I honestly don'd know if I have the energy to correct them if their website and telephone advice is also misleading).

Anyway, its been really quite tiring to work this all out, I think Coventry probably should give me more than £25 to be honest, to help them understand their own basic terms and conditions ...

Thanks again Xylo for encouraging me:beer: They really should have a dog with a bone smilie on MSE. Got there in the end.