Junior ISA and Help To Buy ISA- Which one?

MM2002

Hi All
I opened a help to buy ISA(Barclays) for my son in 2019 on Martins advice with a minimal amount, He also has a Junior ISA(Nationwide) with £2.5K in it, but as he is now 20 years old, should I transfer the Junior into the Help to Buy? 

I thought help to buy would be the best, but speaking to the banks a simple transfer is not that simple!! Have to tx £200 max per month? Am I wasting my time doing this? He will be looking to get on the property ladder hopefully in the next 2-3 years.

TIA

MM

eskbanker

The JISA should have been converted into an adult one when he reached 18 - they're correct that there isn't any way to avoid the £200pm HTB ISA limit, but has he considered a Lifetime ISA instead, which should have been another suggestion made in 2019?  This would allow the whole balance to be transferred immediately....

https://www.moneysavingexpert.com/savings/lifetime-isas/

MM2002

eskbanker said:

The JISA should have been converted into an adult one when he reached 18 - they're correct that there isn't any way to avoid the £200pm HTB ISA limit, but has he considered a Lifetime ISA instead, which should have been another suggestion made in 2019?  This would allow the whole balance to be transferred immediately....

https://www.moneysavingexpert.com/savings/lifetime-isas/

He will consider anything, but as with all first time buyers these days will need all the help he can get!! 

Your right about the JISA, it has been converted i'm sure, the title on the statement is still Junior ISA though?

What product would you suggest? Worth slowly paying the £200 per month until its all in there? I'm not sure of the advantages of each product. 

Thanks for taking the time to reply by the way

MM

eskbanker

MM2002 said:
What product would you suggest? Worth slowly paying the £200 per month until its all in there? I'm not sure of the advantages of each product. 

I would (and did!) suggest the lifetime ISA, and hence linking to an article that includes a detailed side-by-side comparison between its key features and those of the HTB ISA....  If he's hoping to be ready to get on the property ladder within a few years, he should be prepared to read this himself too!