Grandparent paying cash to J ISA

HBS

Tried to pay cash into my grandsons junior ISA at the Nationwide today as I have done in previous years but was told that as a 3rd person (?) this was illegal. Have the rules changed?
Instead they suggested that I paid by bank transfer from my Santander account; What's the difference?
I want to do it this way to get a proper, old fashioned, paper receipt!

p00hsticks

HBS wrote: »

Tried to pay cash into my grandsons junior ISA at the Nationwide today as I have done in previous years but was told that as a 3rd person (?) this was illegal. Have the rules changed?
Instead they suggested that I paid by bank transfer from my Santander account; What's the difference?
I want to do it this way to get a proper, old fashioned, paper receipt!

Not sure about it being 'illegal', but yes, several banks and building societies have recently changed their rules to prevent third parties from depositing cash into other peoples accounts.

I read about it in the last few days on this forum but can't remember whether it was on this board or the banking one and can't find the thread at present.

I seem to recall that Nationwide and Santander were two of the institutions mentioned, and that the reason quoted for the change was either fraud and/or money laundering prevention.

p00hsticks

I don;t think this is the thread I was thinking of, but this mentions the issue

https://forums.moneysavingexpert.com/discussion/5816541

In_For_A_Penny_2

Probably just money laundering regulations. Bank transfer will be no issue

xylophone

as a 3rd person (?) this was illegal.

The problem is the cash, not the third party contribution.

https://forums.moneysavingexpert.com/discussion/5693263 post 49

https://www.gov.uk/junior-individual-savings-accounts/add-money-to-an-account

Anyone can pay money into a Junior ISA, but the total amount paid in can't go over £4,260 in the 2018 to 2019 tax year.

AnotherJoe

HBS wrote: »

Tried to pay cash into my grandsons junior ISA at the Nationwide today as I have done in previous years but was told that as a 3rd person (?) this was illegal. Have the rules changed?
Instead they suggested that I paid by bank transfer from my Santander account; What's the difference?
I want to do it this way to get a proper, old fashioned, paper receipt!

Well thats contradictory, they say its illegal as a third person, then they say you can do it from your bank account, which would still be from a third person !

Did the counter clerk look like this?



As said by others, the issue is cash.

If you want something to present to the child, print up something yourself (which will look better than a counter receipt anyway) otherwise why do you need a paper receipt?