Multiple ISAs one provider?

IM_IR

Are there any providers that offer opening multiple ISAs (e.g. 2 Cash and/or 2 S&S) within the same tax year?

Why? 
I want to save money for my kids and don't want them to gain control of it when they are 18 (as with a JISA). I don't mind it taking from my own allowance (as unfortunately I won't reach it) and having multiple ISAs with the same provider makes it easier to manage.

Thanks!

Mark_d

You are saving the money under your own ISA allowance.  It's your decision when and how much to give to your kids. I'm unclear why you want separate accounts.  If you being cash is the right investment, then why not chase the highest rate rather than look for a provider who offers 'opening multiple ISAs'

eskbanker

IM_IR said:

Are there any providers that offer opening multiple ISAs (e.g. 2 Cash and/or 2 S&S) within the same tax year?

Probably best to identify the primary evaluation criteria before considering that, i.e. the fundamental decision between cash or S&S is a good place to start (which should largely be driven by their ages), before then thinking about product offerings, interest/fees, etc, and only then narrowing down further by ability to open multiple accounts?

IM_IR

Thanks Mark
I have two kids and would like to keep their savings separate, otherwise I'd need to keep track of that myself.

They already have a small sum each currently held in a simple kids saver (no tax benefit) + I put a fixed amount to each every month.

IM_IR

Probably best to identify the primary evaluation criteria before considering that, i.e. the fundamental decision between cash or S&S is a good place to start (which should largely be driven by their ages), before then thinking about product offerings, interest/fees, etc, and only then narrowing down further by ability to open multiple accounts?

That's well and true, my assumption is at their age (4, 9) and the amount I'm saving the differences in fees are almost negligible compared to my ease of managing their funds. The plan is for a S&S ISAs but was asking more broadly.

xylophone

They already have a small sum each currently held in a simple kids saver (no tax benefit) + I put a fixed amount to each every month.

Then this money is already beneficially the property of each child and they have the right to access certainly at 18 and possibly earlier depending on the terms of the account.

And remember the "£100 rule" with regard to gifts from a parent (outside JISA) to his unmarried minor child.

Children are entitled to income tax allowances in the same way as adults. 

There are special rules if the savings have been given by a parent. If gifts from a parent produce more than £100 gross income a year, the whole of the income from the gifts is normally taxed as that parent's income. A child cannot get back any tax on that income. 

The £100 rule applies separately to each parent

The £100 rule applies to income arising each year. It does not matter whether the money in the account is comprised of part capital and part added interest. The £100 rule applies as long as income is over £100 in any one year for any one child from one parent.

With regard to using your own ISA allowance, you could consider opening  a cash isa for yourself and a stocks and shares ISA and just gift to your children at a time of your choosing.