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JISA transfer to Kid's savings account
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jmb1
Posts: 261 Forumite


Hi I'm unsure what best to do; our son is 12 and has a jisa with halifax paying 3.2% currently with 4k in it. I've read there perhaps isnt much advantage in an isa over a kids savings account which may pay more interest. I understand the money is locked away until he is 18 but not sure thats offering much of a benefit if a savings would pay more interest over the next 6 years and we just dont give him the details to access it! Can I transfer an isa into a savings account though, if it was a better solution? Or should i just keep the existing jisa?
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jmb1 said:I understand the money is locked away until he is 18
You could transfer it to a better-paying JISA though....
https://www.moneysavingexpert.com/savings/junior-isa/
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jmb1 said:Hi I'm unsure what best to do; our son is 12 and has a jisa with halifax paying 3.2% currently with 4k in it. I've read there perhaps isnt much advantage in an isa over a kids savings account which may pay more interest. I understand the money is locked away until he is 18 but not sure thats offering much of a benefit if a savings would pay more interest over the next 6 years and we just dont give him the details to access it! Can I transfer an isa into a savings account though, if it was a better solution? Or should i just keep the existing jisa?0
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Ok thanks for the info that at least decides that question. Out of curiosity, if we transfer, does it act like a bank switch, and transfer the regular payees (myself and father in law)? Or do we have to set up monthly payments again with the new bank?0
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jmb1 said:Ok thanks for the info that at least decides that question. Out of curiosity, if we transfer, does it act like a bank switch, and transfer the regular payees (myself and father in law)? Or do we have to set up monthly payments again with the new bank?1
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yes sorry i meant us paying in. we pay by dd.
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