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Principality Learner Earner
surreysaver
Posts: 4,679 Forumite
Thinking of closing my child's Learner Earner Issue 1. Cannot see anything in the T&Cs saying I have to close the adult one at the same time. Does anyone else concur there's no need to close the adult one if the child's is closed?
I consider myself to be a male feminist. Is that allowed?
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I don't know the answer to the query itself I'm afraid, but one thing worth mentioning is that the Child's Learner earner must be opened before they turn 18, but then can be held after they turn 18. The rate is typically higher than adult accounts, but not so much recently on the latest issues. The issue 1 pays 5.15% currently, which is very competitive. My learner earner issue 3 isn't competitive enough for me just now, so is on a minimum balance, but I will keep it, as last year it was incredibly competitive for me.surreysaver said:Thinking of closing my child's Learner Earner Issue 1. Cannot see anything in the T&Cs saying I have to close the adult one at the same time. Does anyone else concur there's no need to close the adult one if the child's is closed?If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
Very competitive, but the trouble is it makes me liable for tax as its now earning over £100 in interest! Also, my child is approaching the age of 18, so it makes sense to close it and consolidate it into my child's jISA.
I also have a fixed ISA maturing next month which I could do with the cash for, but if I close my Principality Learner Earner I can instead use that for my cashflow and transfer my maturing ISA into another fixed rate, which would be more advantageous from a tax point of view.I consider myself to be a male feminist. Is that allowed?1 -
Does the earlier version allow withdrawals? I suppose you could always withdraw all bar the minimum balance, and then keep the account open in case the tax position changessurreysaver said:Very competitive, but the trouble is it makes me liable for tax as its now earning over £100 in interest! Also, my child is approaching the age of 18, so it makes sense to close it and consolidate it into my child's jISA.
I also have a fixed ISA maturing next month which I could do with the cash for, but if I close my Principality Learner Earner I can instead use that for my cashflow and transfer my maturing ISA into another fixed rate, which would be more advantageous from a tax point of view.If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
I'm sure it does allow withdrawals, up to three a year I believe.
I was going to pop to Wales to close them anyway, but maybe better to keep minimum balance in both (maybe just my child's) in order to keep access to mine, as I can withdraw from mine onlineI consider myself to be a male feminist. Is that allowed?0
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