Can a 16 year old pay into their own Junior ISA?

rtidrtid

My 16 year old has a job and is getting a part time wage. Can she pay into her own Junior ISA? I mean I guess there are ways around this such as moving money to my account then paying into the ISA, but legally can a 16 year old pay into their own does anyone know? 

Mark_d

Technically your child can pay in to their junior ISA from 16  although they wouldn't be able to withdraw any money until they're 18.  My the T&C of their specific ISA account might be stricter than this

xylophone

https://www.gov.uk/junior-individual-savings-accounts

The child can take control of the account when they’re 16, but cannot withdraw the money until they turn 18.

Anyone can pay money into a Junior ISA, but the total amount paid in cannot go over £9,000 in the 2024 to 2025 tax year.

BUT check the terms of the  account for any specific requirement imposed by provider.

refluxer

There are no restrictions on who can pay into a Junior ISA, so your daughter can pay into it at any age. The only restriction is that a maximum of £9k can be paid in, in total, each tax year.

It's worth thinking about whether her JISA is the best place for her job money though - will she definitely not need access to the money before she's 18, or is she purposefully wanting to lock it away until then ?

A JISA can be a great way for a parent to be able to give money to their kids for the future without the tax liability (on the parent), but a child will have their own tax and savings interest allowances (totaling £18,570) which they're unlikely to exceed, so putting her own money somewhere where it earns the most interest will make the most sense, while bearing in mind any likely access requirements.

400ixl

If it is a cash JISA, is the rate as good as the best savings account you can get? Unlikely they will trigger the need to be taxed on their interest, so unless this is money to be invested for the long term is a JISA the best option?