NATIONWIDE JUNIOR CASH ISA vs CHILDRENS SAVINGS ACCOUNT

biddy2101

I have 2 children (15 & 12), they each have a child's cash ISA with Nationwide BS, who have discontinued this account.  So feel it is the time to get my house in order and trying to make the most of having time to sort this sort of thing out.
Can I close the ISA's now and put the money into a high interest childrens savings account - was thinking Halifax 4.5% fixed for 1 year 
I don't bank with Nationwide so converting it to their new savings account that replaces the JISA would only get 2.5% pa interest...
I can't find any info on closing JISA early - so unsure what the best thing to do with my these accounts.
Thanks :-)

eskbanker

Money in junior ISAs can't be taken outside them until the holder reaches 18, so your choice is solely between the Nationwide JISA or someone else's JISA....

biddy2101

eskbanker said:

Money in junior ISAs can't be taken outside them until the holder reaches 18, so your choice is solely between the Nationwide JISA or someone else's JISA....

Thank you for your quick response.  I was thrown by the NW scrapping their JISA but offering to transfer to a new account that isn't an ISA.

eskbanker

biddy2101 said:

eskbanker said:

Money in junior ISAs can't be taken outside them until the holder reaches 18, so your choice is solely between the Nationwide JISA or someone else's JISA....

Thank you for your quick response.  I was thrown by the NW scrapping their JISA but offering to transfer to a new account that isn't an ISA.

If they said that, they shouldn't have, as they're subject to the same legislation as everyone else!  When they announced the change in 2018, they said they were withdrawing their JISA from sale and offering an alternative product to new savers, but those already holding the JISA must keep it or transfer to another JISA.  Are you sure they told you that you could transfer a JISA to a non-JISA account - perhaps worth posting the exact wording?

Alexland

Yup it's got to stay in the JISA wrapper until 18 but you can still get up to 3.6% by transferring to Coventry.
https://www.moneysavingexpert.com/savings/junior-isa/

biddy2101

Thanks to both of you for your time.  

I have applied for an account pack from Coventry BS - it's a shame it can't be done online. 

Alexland

biddy2101 said:

I have applied for an account pack from Coventry BS - it's a shame it can't be done online. 

See if the interest rate holds long enough for you to get the paperwork. I suspect even if it drops Coventry will maintain one of the best rates in the market for JISAs.