Question about moving Junior Isa from NSI to Halifax

sarahj1990

What's is the procedure moving money from one provider to the other. I understand you can only have 1 Junior Isa at any one time for each child. I am still annoyed at NSI for slashing the interest rate from 3.25% to 1.5%. Have been meaning to do this for a while now.

refluxer

You have to open a Junior Cash ISA with the new provider and there should be an option to tell them it's a transfer as part of the application process, but first be sure to read the terms and conditions of the new ISA to check that transfers in are allowed.

Do you have a Halifax branch nearby ? You would need to visit a branch to do an ISA transfer and the ISA can also only be managed in a branch - you can't manage the account or even check the balance online.

Despite having other accounts with the Halifax, I transferred a Junior Cash ISA from NS&I to Tesco Bank last year because they do allow online access and also pay a higher rate of interest (2.25%). 

Whoever you choose, be prepared to be patient - the transfer process from NS&I can take many, many weeks because (believe it or not, in 2022) it involves the transfer of funds via cheque.

sarahj1990

refluxer thanks for your reply I think I will go with Tesco Bank. That is rather poor that Halifax don't allow online access to the Junior Isa. 

refluxer

sarahj1990 said:

refluxer thanks for your reply I think I will go with Tesco Bank. That is rather poor that Halifax don't allow online access to the Junior Isa. 

Branch-only access for children's accounts is actually quite common. The last time I checked, Tesco was the only one from MSE's top Junior ISA table that allowed online access.

Just bear in mind that managing a Junior Cash ISA online is obviously limited to opening the account and then being able to check the balance once opened, but as both myself and others make regular payments into the ones I have, then being able to monitor the amount being paid in online is essential - I'm not visiting a branch in a neighbouring town every time I want to do that !

sarahj1990

Refluxer thanks for the information.

cloud_dog

sarahj1990 said:

What's is the procedure moving money from one provider to the other. I understand you can only have 1 Junior Isa at any one time for each child. I am still annoyed at NSI for slashing the interest rate from 3.25% to 1.5%. Have been meaning to do this for a while now.

Not quite correct.  A child can have a cash JISA and a S&S JISA with different providers.