17 year old in ISA limbo

Petey_D

Did you find any provider that is offering the TAs? My son is 18 next financial year and has a JISA. We want to open a single cash ISA under the TAs but can’t find anyone willing to allow this. 

Petey_D

Does the £100 rule apply if the parents loan the money to the minor? This would be a genuine loan which does get paid back, not a “loan”. 

Evamememe

I’m in the same situation. Very frustrating. Did you find a way to re invest at a better rate ?  Seems so unfair !  I asked the current provider to add it into the junior isa which they said they couldn’t do either. 

Kim_13

Family Building Society’s Market Tracker ISA would have been a great choice for those opening at 16/17, as the tracker element forces them to offer a decent rate at all times. I couldn’t see any mention of needing to be 18 to open it on their page (but the downloadable leaflet does say 18.) Might be worth making contact to see if they will accept in the circumstances, as I can’t imagine the TAs being massively advertised as it will only ever impact those born within a two year period.

masonic

Petey_D said:

Does the £100 rule apply if the parents loan the money to the minor? This would be a genuine loan which does get paid back, not a “loan”.

You'd be better off starting a new thread with a more concrete scenario, rather than asking in a thread primarily around the Transitional Arrangements for cash ISAs opened by 16-18 year-olds.

In general, for any credible loan, the money will have a purpose, e.g. to buy something or pay off more expensive borrowings. Therefore the £100 rule would not apply to that money because it wouldn't end up in a savings account earning interest. The £100 rule exists to prevent parents from saving their own money in child accounts for tax avoidance purposes.