Transfer a Junior ISA to regular savings account (In their name)

the_quiff

Unfortunately, I think I know the answer to this but it's sad to see that our kids won't be looked after. They are currently getting 2.20% the best out there is 2.25 but potentially just fixing it for 1 year could get them 4% and above. 

Is there anything that we can do? Can they be transferred to another non-ISA Savings account?
Can they still be transferred to another ISA wrapper so they could be invested?

ForumUser7

According to MoneyFacts, Coventry Building Society offers 2.85%. This is a somewhat incremental improvement for your children. https://moneyfacts.co.uk/isa/junior-isas/

I'm not 100% sure, but doubt you can transfer to a Fixed Rate Bond as it is locked till 18 in the Junior ISA. If your provider allows transfers out, you can transfer to an account that allows transfers in.

refluxer

Unfortunately, the money in a Junior Cash ISA can only be accessed by the child and only when they turn 18.

You do have a few options in the meantime though. The first is to transfer to a provider paying a higher rate - this is currently the Coventry @ 2.85%. The downside to the top-paying accounts is that they can only be managed by branch, post and (occasionally) phone - the highest-paying provider who allows online access (which is essentially just displaying the balance when it comes to Junior ISAs, admittedly) is Tesco at 2.25%, so not much difference to your current rate.

The second option is to consider transferring it to a Junior Stocks & Shares ISA although this is obviously not without it's risks and the age of the child (and the time they're likely to need access the money) also needs to be taken into account before making this decision.

You could also open a Junior S&S ISA in addition to the Junior Cash ISA if you wanted to, as they can have one of each (the £9k limit is shared between them).

refluxer

Looking to the future, it's worth noting that Junior Cash ISA rates can currently be beaten by the best children's savings accounts although most have a limit of around £2-3k and the child will obviously have access to the money.

I'm currently in a similar position to you (disappointed that Junior Cash ISA rates are not increasing like adult accounts) and now thinking about saving for my kids in my own name because the best 1 Year fixed rate account would currently pay considerably more than the best Junior Cash ISA, even if it was taxed at 20%.

xylophone

Can they still be transferred to another ISA wrapper so they could be invested?

https://www.fidelity.co.uk/junior-isa/junior-isa-transfer/

Above might be worth investigation.

https://monevator.com/low-cost-index-trackers/

ForumUser7

the_quiff said:

Unfortunately, I think I know the answer to this but it's sad to see that our kids won't be looked after. They are currently getting 2.20% the best out there is 2.25 but potentially just fixing it for 1 year could get them 4% and above. 

Is there anything that we can do? Can they be transferred to another non-ISA Savings account?
Can they still be transferred to another ISA wrapper so they could be invested?

Coventry Building Society is increasing their JISA to 3.10% from tomorrow