Can I close a JISA?

reg091

Apologies for cross-posting but I got no answers in the JISA thread. One of the main reasons I am putting money into a JISA is to stop me having access to it in years to come! However, it occurs to me that I could just close it whenever i want and pull the money out.

Is that so or are they "unclosable"?

Zorillo

Not only are they unclosable, once the money is in there it belongs to the child not you.

Unless you are the child, in which case you can get it when you turn 18.

Alexland

This ISA forum runs a bit slower than the main Savings & Investments forum.

The only other way would be

https://www.gov.uk/junior-individual-savings-accounts/if-your-child-is-terminally-ill-or-dies

Tom99

I think there is a 30 day cooling off period, after which no until age 18

reg091

Thanks all, that is what I hoped. I am worried I will weaken and splurge the money on something! I have about £20K that I want him to have so am already sweating that i can't lock the money away for him completely for about five years because of the yearly limit on adding to the JISA!

masonic

reg091 wrote: »

Thanks all, that is what I hoped. I am worried I will weaken and splurge the money on something! I have about £20K that I want him to have so am already sweating that i can't lock the money away for him completely for about five years because of the yearly limit on adding to the JISA!

You could always combine with a series of 1, 2, 3... year fixed rate accounts with no access that mature in time for you to move the money into his JISA each year.

reg091

Ooh good idea! I will investigate.