We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

ISA and JISA for 16+ year old

lon_don
lon_don Posts: 153 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
edited 19 May 2023 at 10:31AM in ISAs & tax-free savings
Can a 16+ year old (with no previous cash ISA account)   open both a cash JISA (9k allowance, presumably opened by guardian) and a (normal adult) cash ISA (20k allowance) in the same tax year 2023-2024 ? So cumulative 29k allowance ?

Comments

  • ForumUser7
    ForumUser7 Posts: 2,596 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 19 May 2023 at 10:34AM
    lon_don said:
    Can a 16+ year old (with no previous cash ISA account)   open both a cash JISA (9k allowance, presumably opened by guardian) and a (normal adult) cash ISA (20k allowance) in the same tax year 2023-2024 ? So cumulative 29k allowance ?

    When a child turns 16 they can open a normal cash ISA in addition to a junior ISA (however, they cannot open an adult stocks & shares ISA or a Lifetime ISA until they are 18).

    At 18, any normal cash ISAs can be merged with the ex-junior ISAs, providing one of them accepts transfers in – see the Cash ISA Transfer guide for full details.

    If you are going to open a junior ISA for an older child, why not do the process with them, talking through the decisions? It's a great form of practical financial education.

    See Teen Cash Class guide for more ideas.


    https://www.moneysavingexpert.com/savings/junior-isa/ ~ Yellow box 9

    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.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.8K Banking & Borrowing
  • 254.5K Reduce Debt & Boost Income
  • 455.6K Spending & Discounts
  • 247.6K Work, Benefits & Business
  • 604.5K Mortgages, Homes & Bills
  • 178.6K Life & Family
  • 262.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture