JISA & Adult ISA

thanks

Hi all,
Need some advice please. My son turned 18 this August. He got some money this year. He put  £9000 in April this year, into in his already running JISA stocks and shares, (which has been running for a few years). Around May this year he got a bit of money as gift. As he is 17 years old, he opened a Adult CASH ISA with NS&I in May. The NS&I is going to reduce the interest in CASH ISA to nearly nothing in November.  He is keen to move the Adult Cash ISA to his Stock & Share JISA (which will be an Adult S&S ISA now). Can he do it? 
Thanks for your advice.

eskbanker

Yes, he can ask his S&S ISA provider to transfer in the cash one from NS&I, assuming they accepts inbound transfers (the vast majority do to the best of my knowledge).

Although you don't say anything about his other arrangements, it would be quite unusual for an 18 year old to have all of their money in investments rather than savings, at a time of life when significant spend is likely to be not far around the corner.  Has he opened a Lifetime ISA for example, to take advantage of the generous government bonus towards a first property?

thanks

eskbanker said:

Yes, he can ask his S&S ISA provider to transfer in the cash one from NS&I, assuming they accepts inbound transfers (the vast majority do to the best of my knowledge).

Although you don't say anything about his other arrangements, it would be quite unusual for an 18 year old to have all of their money in investments rather than savings, at a time of life when significant spend is likely to be not far around the corner.  Has he opened a Lifetime ISA for example, to take advantage of the generous government bonus towards a first property?

Thankyou very much for your reply, which is really helpful. I have put money aside for his university education and that shouldn't worry him. I read about Lifetime ISA, after you advice.  Can he open a Lifetime ISA this year with £4000 ( out of cash isa ) and transfer the remaining of his cash ISA to his S&S ISA ?

Thanks again

eskbanker

thanks said:
Can he open a Lifetime ISA this year with £4000 ( out of cash isa ) and transfer the remaining of his cash ISA to his S&S ISA ?

Yes, again with the caveat about ISA providers who accept inbound transfers (some LISA providers don't), and partial transfers in particular.

thanks

eskbanker said:

thanks said:
Can he open a Lifetime ISA this year with £4000 ( out of cash isa ) and transfer the remaining of his cash ISA to his S&S ISA ?

Yes, again with the caveat about ISA providers who accept inbound transfers (some LISA providers don't), and partial transfers in particular.

Thanks again. His S&S ISA (JISA) is with x-o.co.uk(Jarvis). They don't have LISA. He could open a LISA with AJ Bell but they have to agree to partial transfer and another S&S ISA cannot be opened this year with AJ Bell, as he has already contributed to S&S JISA with x-o.co.uk. Is my understanding correct,
Thanks

eskbanker

Lifetime ISA is a different type from both S&S and cash (even though it has both variants as subtypes), so can be funded alongside one or both of the other two in the same tax year.  I wasn't advocating a S&S LISA by the way, there are cash ones too that are typically more appropriate for those saving for a first property, given the risks inherent with short term investing....

thanks

eskbanker said:

Lifetime ISA is a different type from both S&S and cash (even though it has both variants as subtypes), so can be funded alongside one or both of the other two in the same tax year.  I wasn't advocating a S&S LISA by the way, there are cash ones too that are typically more appropriate for those saving for a first property, given the risks inherent with short term investing....

Thanks for all your suggestions. I agree you didn't suggest S&S LISA. Anyway your advice has clarified my doubt and given me information on LISA. Really appreciate your help.