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Junior ISA closure
MichGreen
Posts: 2 Newbie
We have a JISA with the Coventry who have emailed to say that their rate is dropping. It's not awful, but we would like to take the money out and look to send it to a non-ISA savings account for our daughter (5yrs old).
Text on the email says "if you decide you’d like to close your account, you can transfer your balance in full to another provider without giving notice or paying any charges" but from what I can see, we can only move it to another JISA and not actually have access to it to put it into a non-ISA account.
Is that correct? even though the rate is dropping, and these are some really strange times we're in, we can't remove it from the JISA system altogether?
I don't currently know where it would go instead, I've just been looking into the process first. Although with all the food she's been eating under lockdown, I feel we'd be justified in saying it should all go on snacks!
Text on the email says "if you decide you’d like to close your account, you can transfer your balance in full to another provider without giving notice or paying any charges" but from what I can see, we can only move it to another JISA and not actually have access to it to put it into a non-ISA account.
Is that correct? even though the rate is dropping, and these are some really strange times we're in, we can't remove it from the JISA system altogether?
I don't currently know where it would go instead, I've just been looking into the process first. Although with all the food she's been eating under lockdown, I feel we'd be justified in saying it should all go on snacks!
0
Comments
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You cannot take it out of the JISA for any reason whatsoever until she is 18, apart from in circumstances that don't warrant thinking about.
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