Transferring money from a child's savings account to a S&S ISA

unitedwestand

Hi
I'm looking to transfer money from a child's savings account to a S&S ISA.. the only way I seem to be able to do it is have the money transferred to my savings account then send on to the S&S ISA account due to limitations placed on junior savings accounts and junior ISAs

The worry is that on paper it looks like I'm gifting over the £3k allowance from my personal account in to their S&S ISA at the end of the day... even though its actually their savings originally not from myself.

Should I be worried about this?

Thanks

xylophone

Your child has a stocks and shares JISA?

Why not ask the provider of the savings account to make a faster payment to the JISA?

If not, to draw a cheque in the name of the child and you send it to the JISA provider?

unitedwestand

It's a junior savings account apparently they're saying they can't do it and the best way would be to transfer the money to my account and then send it on to the junior s&s ISA?

xylophone

The junior savings account is in the name of the child?


Does the provider of the junior account offer a cash JISA?

Could you transfer the money to a cash JISA with this provider and then have the S&S provider arrange the transfer of the cash JISA to the S&S?

girllikeme1

Money in my child's Halifax Young Saver I have had to transfer into my own account and then into an external JISA S&S.

unitedwestand

Thanks that might be an idea, I would transfer from my account but it would look like it's coming from me and there's a limit to what you can gift your child in one year which is higher than the annual junior ISA allowance.