Does anyone know of a Junior Cash ISA that allows partial transfers to a Junior Stock & Shares ISA?

stiltoncheesewright

I have Junior Cash ISAs for my two children with Nationwide. I wanted to transfer some of the accumulated cash into a Junior Stocks and Shares ISA, but Nationwide only allow a full transfer and the closure of the account (at least, that's what the rather confused sounding person on the phone said). Does anyone know of a different Junior Cash ISA that I could transfer everything into that would then allow me to part transfer to a Stocks and Shares ISA (I'm thinking of using Interactive Investors)?

Alexland

If you have the discontinued Nationwide Smart Junior ISA then yes the confused person is correct the whole account balance would need transferring out. I would imagine the same term applies to other Nationwide discontinued Junior ISA products.

https://www.nationwide.co.uk/support/support-articles/discontinued-accounts/smart-junior-isa

"19. If you decide to transfer your Smart Junior ISA to another junior ISA manager, you must transfer the entire balance."

If you want to split the Cash JISA into both types (seems a very unusual thing to do) then it would make sense to work down the list of high interest rate Cash JISA providers checking their detailed terms as you would want the remaining cash element earning the best rate.

https://www.moneysavingexpert.com/savings/junior-isa/

At £120 pa Interactive Investor would be an expensive S&S JISA provider unless the account valuation was particularly high (hard to achieve on a JISA due to the lower annual contribution limit) or you already hold other II accounts in which case it would be no incremental cost until age 18.

stiltoncheesewright

I do have an ISA and a SIPP with ii, so there shouldn't be the £120pa charge on the JISA - but I'm going to check, so thanks for that!

I want to gradually move the cash into shares, but I'm not sure now is the right time to go all in, which is why I want leave keep some cash at the moment. The cash can continue to accrue a little interest in the meantime.

I've looked at various ISAs T&Cs and the ones I've seen seem to disallow partial transfers. Halifax's T&Cs looked like they might allow it, but was vague enough to make me want to call. After going through various options menus they hang up on you telling you they can't take the call at this time. I suppose I'll continue the trawl.

xylophone

Is NW paying the best  available rate on the JISA? If not, why not move it to the top payer anyway?
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html
Coventry will not permit a partial transfer but you might just consider leaving the money saved so far in cash and then opening a stocks and shares JISA for each child on Monday and making all future contributions to them?

stiltoncheesewright

NW doesn't pay a great rate anymore.
Danske bank seems to allow partial transfers, but they want you to go to a branch to be able to transfer the existing balance, which isn't easy as they have few branches in England. But maybe I'll make the pilgrimage to London, when lock down finishes, if I can't find another option:

7. Transfers Out
7.1 Subject to Treasury Regulations the Registered Contact may at any time transfer to another ISA manager:

• whole/part of the Danske Junior Cash ISA to a Junior Stocks and Shares ISA [clipped]

The rate is pretty good (3.2%), if not the absolute best:

colsten

You could try Triodos : https://www.triodos.co.uk/faq/what-are-the-basic-rules-of-transfering-a-junior-isa-or-child-trust-fund?id=2fa8380d796b. They seem to know the rules but it's not clear whether they are actually allowing partial transfers out.

Finding a JISA that allows partial transfers out  might only be the start of your woes. Some providers also only process full transfers in.......

colsten

The restriction on partial JISA transfers is imposed on providers by the JISA rules. 
https://www.gov.uk/guidance/transfer-of-a-child-trust-fund-or-junior-isa-if-youre-an-isa-manager

Alexland

colsten said:

The restriction on partial JISA transfers is imposed on providers by the JISA rules. 

That only applies if transferring between the same type of JISA. A partial transfer of a Cash JISA into a S&S JISA is allowed as the child can have one of each.

colsten

Alexland said:

colsten said:

The restriction on partial JISA transfers is imposed on providers by the JISA rules. 

That only applies if transferring between the same type of JISA. A partial transfer of a Cash JISA into a S&S JISA is allowed as the child can have one of each.

Thanks for confirming the gov.uk rules I quoted.

Alexland

colsten said:

Thanks for confirming the gov.uk rules I quoted.

Sorry but what were you trying to say as the OP is trying to do something that is obviously allowed under the ISA rules but there is still a restriction in provider product terms?