Junior ISA Withdrawal

xyz123

Hi, silly question but I am not sure how JISA operate. With normal cash ISA, you can withdraw money if needed and if its a flexible ISA then you can put same money back within tax year.

What happens with JISA? If I open one for my kids and say on 2/3 years we need the money (before kids are 16) then can we simply withdraw the money?

Thanks 

Keep_pedalling

No, the money belongs to the child you can’t touch it.

Albermarle

With normal cash ISA, you can withdraw money if needed 

You can only withdraw money when needed from a Cash ISA that allows that, such as an easy access one. With a fixed term one you can not just withdraw money when needed.

badger09

xyz123 said:

Hi, silly question but I am not sure how JISA operate. With normal cash ISA, you can withdraw money if needed and if its a flexible ISA then you can put same money back within tax year.

What happens with JISA? If I open one for my kids and say on 2/3 years we need the money (before kids are 16) then can we simply withdraw the money?

Thanks 

Keep_pedalling said:

No, the money belongs to the child you can’t touch it.

Also, at 16 the child can take over control of the JISA but can’t withdraw from it until they turn 18. 

DavidT67

Albermarle said:

With normal cash ISA, you can withdraw money if needed 

You can only withdraw money when needed from a Cash ISA that allows that, such as an easy access one. With a fixed term one you can not just withdraw money when needed.

Fixed Term Cash ISAs  have to allow access also, albeit with an early withdrawal penalty.  That's an advantage of fixed rate ISAs over non-ISA fixed term savings accounts.