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Where should I save money for my 16 year old

I have opened a junior isa for my child and used this years allowance. From Inheritance I have another 14k to invest for him. He does not have access to this this money.  Should I put it all in an adult isa as I understand he can have both a junior and adult or elsewhere?  He isn't earning and has a santander mini bank account he has access to already..  Thanks for any advice

Comments

  • Sebo027
    Sebo027 Posts: 212 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Hello there. 
    There's alot of good information on this page:
    https://www.moneysavingexpert.com/savings/junior-isa/
    There's a section specifically on your question:
    Those aged 16 or 17 can have both a junior ISA AND an adult cash ISA?
    When a child turns 16 they can open a normal cash ISA in addition to a junior ISA (however, they cannot open an adult stocks & shares ISA or a Lifetime ISA until they are 18).
    At 18, any normal cash ISAs can be merged with the ex-junior ISAs, providing one of them accepts transfers in – see the Cash ISA Transfer guide for full details.
    Remember the JISA or ISA is only a tax-free wrapper for the money. You must also pick an appropriate place to hold the money to maintain or grow it's value. This might be a cash JISA which will give you interest, or a stocks and shares JISA where the money is invested in an appropriate fund of your choice.


  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I have opened a junior isa for my child 
    Do you mean that you transferred his CTF to the JISA?
    You cannot hold an adult ISA in bare trust which appears to be what is required.

    https://www.bathbuildingsociety.co.uk/savings/personal-savings/Junior%20Saver
    You could hold the above in bare trust.
  • tibbles209
    tibbles209 Posts: 169 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 7 August 2020 at 10:15AM
    Just for clarity, when you say "From inheritance I have another 14k to invest for him" do you mean he has directly inherited the money for which you are acting as a trustee, or that you personally have inherited money that you wish to invest for his benefit? 
    This affects what your options are.
  • Just for clarity, when you say "From inheritance I have another 14k to invest for him" do you mean he has directly inherited the money for which you are acting as a trustee, or that you personally have inherited money that you wish to invest for his benefit? 
    This affects what your options are.
    Thanks for your reply.  Its his money but he's not aware of it yet!.  I'm trying to find the best place for it
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
     Its his money but he's not aware of it yet!.  I'm trying to find the best place for it

    He must be made aware of it from age 18 when he becomes responsible for his own tax affairs.

    Could you confirm that you transferred his CTF to the JISA you mention? I ask because at his age, he  would have  had a CTF and it is not permitted to have both a CTF and a JISA.

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