Best JISA/Junior ISA

Shankers

Number 2 (not actual name) has arrived (and is doing well).
Being the MSE-aficionado that I am, I'm thinking about JISAs.
Number 1 has a cash JISA with Tesco Bank at 2.75%, but I'm thinking about other options for him and for Number 2.
NS&I has a JISA for 3.25%, I believe.
I'm tempted to stick with cash JISAs. If somebody offered me even 2.75% for a savings account for my savings I'd bite your arm off (figuratively).
Nevertheless, there are S&S JISAs with the likes of HL, as well as the odd products still peddled through mutuals like the 'friendly' societies (what's the point in them growing at 2%-4% when there are cash alternatives without the risk?). 
I'm looking at saving £40 per month for Number 2 through the JISA. While this isn't a lot, I'll be saving elsewhere for them; I just don't want them to have access to the whole lot age 18 in case he just blows it on a trip to Magaluf or something.  
What do people think: cash, S&S, or a mixture of the 2 (£15 p/m in cash, £25 p/m in S&S?). NS&I for cash? Where for the S&S JISA if you think it's worth it?

xylophone

Clearly if you want to use only cash you would choose the best rate available - NS & I offer this currently and accept transfers in - however, transfers are taking a few weeks at the moment.
https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa may be worth a look.

Shankers

xylophone said:

Clearly if you want to use only cash you would choose the best rate available - NS & I offer this currently and accept transfers in - however, transfers are taking a few weeks at the moment.
https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa may be worth a look.

That's an excellent article. Much appreciated.

DavidT67

NS&I ISA transfers are take a few months...

According to NS&I twitter feed

  They now have a queuing system to even get on their website.  

  Debit card processing times are now over a week.

  Cheque clearance times over two weeks.

  ISA transfer times are 90 days plus.

  Hour minimum to answer phone if they don't cut you off whilst on hold.

  5 days to acknowledge a compliant via email.

  15 days minimum, up to 35 days or longer to respond to compliants!

Maybe time they stopped accepting new applications !

Shankers

DavidT67 said:

NS&I ISA transfers are take a few months...

According to NS&I twitter feed

  They now have a queuing system to even get on their website.  

  Debit card processing times are now over a week.

  Cheque clearance times over two weeks.

  ISA transfer times are 90 days plus.

  Hour minimum to answer phone if they don't cut you off whilst on hold.

  5 days to acknowledge a compliant via email.

  15 days minimum, up to 35 days or longer to respond to compliants!

Maybe time they stopped accepting new applications !

That's very interesting. I can imagine they're massively in demand at the moment. Things might cool off in the next few weeks as there's even a queue to register births at the moment...Nevertheless, I'll consider whether a S&S ISA might make more sense for Number 2, leaving Number 1's Tesco JISA where it is.

DavidT67

Yep, I'm wishing I'd left mine where they were or at least transferred them to a proper bank. 
NS&I has been a disaster!  Left in limbo for months now. 
They have received the money from previous provider, so can't cancel the transfer, yet the account doesn't 'exist' yet on their system, so can't add to it and also can't withdrawal either.  I'm a prisoner of their processing backlog.  

Shankers

DavidT67 said:

Yep, I'm wishing I'd left mine where they were or at least transferred them to a proper bank. 
NS&I has been a disaster!  Left in limbo for months now. 
They have received the money from previous provider, so can't cancel the transfer, yet the account doesn't 'exist' yet on their system, so can't add to it and also can't withdrawal either.  I'm a prisoner of their processing backlog.  

I'm sorry to hear that, and it's useful to know. I set up income bonds for myself a couple of weeks back without any problems, but I've heard a few people annoyed at NS&I for slow transfers/account set-ups for different products. I hope your accounts set up soon. I'll probably leave Number 1's where it is and then see the state of play once I can finally get Number 2's birth registered when the council has got through its backlog. The older I get the more I dislike chopping and changing and will take a little lower in return for lack of hassle. It's only when the difference in return becomes massive that I feel pressed into action. My Tesco savings account went from 1.4% with bonus to 0.1% afterwards, forcing me to switch to NS&I; no way was I having that.