Interactive JISA to ISA conversion headache 23 February at 2:09PM in Savings & Investments 4 replies 39 views

Ciprico

So it seems II insist on a utility bill (amongst other ID documents) to convert a childs JISA to ISA when they turn 18.
As an 18 year old who has always lived at home my son has never received a utility bill. Bank statements are on-line, and home printed certified copies are not 
accepted.
We sent the original government letter confirming his NI number, with his address - but this was not accepted by II (no date).
It seems we have no choice but to close the account and open a new ISA elsewhere... 
There is less than 20k in the account, so this is not really a problem - just an inconvenience.
Am I missing something - or are II being unreasonable
I've been very happy with II up till now...
   

Alexland

Would the child want to stay with II from age 18 as II would charge them the normal £9.99 pm account fee which would be uneconomic for an account valuation of under £20k? Around 0.60% even more expensive than HL. It might be worth them transferring to Vanguard Investor at 0.15% depending on what they want to invest in.

Ciprico

Yes, this did occur to me. I don't know if the onerous money laundering security measures would still be needed to close the current JISA (now an ISA in limbo), or if they are only required to open the new acccount....?

Alexland

Aah you would have to ask them if they would accept an ISA transfer out or withdrawal before the checks are done. I do agree it's a bit unreasonable only accepting things he doesn't have yet.

xylophone

https://secure.vanguardinvestor.co.uk/en-gb/Process/Registration/Transfer/isa

Only the NI number and  existing provider account number appear to be required to start the transfer application...