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Help with Jisa

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hi all, 
Were expecting our first little one in September and I'm keen to give them a helping hand in life in the form of a JISA.
I've already got myself a VLS80 through vanguard so I'm thinking of putting the JISA through there too just for simplicity, although I have a few questions:

1. Can other people contribute to my child's JISA? E.g rather than birthday money etc can my family members contribute to this S&S jisa? Providing we don't exceed the 9k annual limit ?

2. When the child turns 18 it becomes theirs but what happens, does this turn into a cash isa or would it stay as a S&S isa but for adults?

3. When the child turns 18 is there anything stopping us from transferring 4k of the monies onto a LISA to go towards their first house and do this every year until purchase?

Comments

  • afis1904
    afis1904 Posts: 348 Forumite
    100 Posts First Anniversary Name Dropper
    1. That's possible with Vanguard and the way it works is explained on their website
    2. Will turn into a normal Vanguard S&S ISA.

    3. It would be theirs so their decision but there's generally nothing that would prevent them from doing that.
  • xylophone
    xylophone Posts: 45,628 Forumite
    Part of the Furniture 10,000 Posts Name Dropper

    https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa

    Friends and family can gift money

    Anyone can add money, quickly and easily

    What happens when the child turns 18?

    The Junior ISA will turn into a normal Stocks and Shares ISA in their name. They'll have full control over the account and can decide what to do with it, whether they want to carry on investing or withdraw the money. 

    In view of the above, only the "child" can decide what to do with the money at age 18, for example, whether to transfer some of the money to a LISA or elsewhere.

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