Best place to put a junior cash isat

Bowyer24

My Grandaughter has a junior cash isa.1.50% interest. After watching Martin last night, where is the best place to change it to for a better rate.

Bridlington1

For a list of the best JISAs see:
https://moneyfacts.co.uk/isa/junior-isas/?quick-links-first=false

How old is your grandaughter? If she is quite young it would probably be best to use a stocks & shares JISA as these tend to offer better returns than cash JISAs in the ling term.

refluxer

The top-paying Junior Cash ISA providers are listed here - the top-paying account (which allows transfers in) is currently the Coventry BS at 3.80%.

The first thing you need to decide though is whether online access is needed because unfortunately, when it comes to Junior Cash ISAs, even when you can apply for the account/transfer online, many JISA providers only allow account management either in branch, by post or by phone.

This obviously is less of a problem if you're lucky enough to have a local branch from one of the top-payers nearby but if not, then doing something simple like checking the balance is going to require a phone call or possibly even a letter (the current 2nd, 3rd and 4th-highest paying JISA providers don't even have a phone option, so they're clearly better for local residents).

If you'd like online access (which essentially means being able to easily check the balance on a JISA), then NS&I pay the highest rate at 3.40%, followed by Tesco at 3.00%. NS&I were very slow when I both transferred my son's CTF to them and subsequently transferred away a year or two later, so patience will be needed if you go with them. Note that you can't manage the Coventry JISA online - the information in the Savings Champion table is wrong on that one.

It'll be the parent who needs to apply for the transfer, BTW.

Bowyer24

Hello she is 3 1/2. Is there a particular company that is best?

Bowyer24

Can you swap to another account ? Will it loose or cost anything?.I have seen Coventry B.S. is 3.80% interest

Bridlington1

Bowyer24 said:

Can you swap to another account ? Will it loose or cost anything?.I have seen Coventry B.S. is 3.80% interest

It won't cost you anything. All you'd have to do is apply for the Coventry account and then ask to do an ISA transfer as part of the application. It's a pretty straightforward process, just give them the old JISA details and they'll do the rest.

You can switch as many times as you like, so if you see another JISA with a better rate in a few months, you can switch again without penalty.

MikeJXE

Bridlington1 said:

Bowyer24 said:

Can you swap to another account ? Will it loose or cost anything?.I have seen Coventry B.S. is 3.80% interest

It won't cost you anything. All you'd have to do is apply for the Coventry account and then ask to do an ISA transfer as part of the application. It's a pretty straightforward process, just give them the old JISA details and they'll do the rest.

You can switch as many times as you like, so if you see another JISA with a better rate in a few months, you can switch again without penalty.

My 3 grandkids had a CTF that was losing money so switched to Coventry, we live near a branch so it was easy, 

The 2 mothers couldn't get in the branch so I took all the information and did it for them.

They can't access  it online but you can fund it online once it's opened

Get a statement yearly and it's a good rate of interest 

xylophone

Presumably one of your grandchild's parents is the registered contact.

He/she can ask Coventry BS to organise the transfer in.

https://www.coventrybuildingsociety.co.uk/member/product/savings/children/junior-cash-isa-2.html

RobinhoodSavings

You can request an application form from Coventry BS online or call them. It gets sent in the post either way.