Closing Junior Cash ISA

Drew210385

My two children have Junior Cash ISA's with Halifax, which were originally set up by their foster carer. When we adopted them we changed their names and address (which was a complete mission, I had to go into branch about 5 times and don't live anywhere near one) anyway a couple years down the line and we don't use it and save for them elsewhere. I've looked online into getting these accounts closed and what I need to do, but it doesn't seem to be possible? It looks as though Halifax has this money held hostage until they turn 18 and we can't do anything about it, despite not being the ones who set it up? Any thoughts or ideas welcome.

eskbanker

Halifax are correct, Junior ISAs can't be accessed or closed until the children reach 18.

Alexland

There are only very limited circumstances that a JISA can be withdrawn before age 18
https://www.gov.uk/junior-individual-savings-accounts/if-your-child-is-terminally-ill-or-dies

However you can select a new JISA provider and ask them to transfer the account away from Halifax.

MX5huggy

How are you saving for them elsewhere? Because if it is in their names they can only receive £100 of interest on money you have given them before it is taxed as if it was your own money, a JISA avoids this. Alternatively you can just save in your own name possibly in an ISA. As said the JISA can’t be closed or money withdrawn but you can transfer to an alternative supplier. Consider a stock and shares one from H&L or Fidelity who don’t charge platform fees. 

eskbanker

MX5huggy said:

How are you saving for them elsewhere? Because if it is in their names they can only receive £100 of interest on money you have given them before it is taxed as if it was your own money, a JISA avoids this. Alternatively you can just save in your own name possibly in an ISA. As said the JISA can be closed or money withdrawn but you can transfer to an alternative supplier. Consider a stock and shares one from H&L or Fidelity who don’t charge platform fees. 

Presumably a typo - what was said was that the JISA can't be closed or money withdrawn (prior to 18) but can be transferred....

MX5huggy

At least someone is paying attention! I’ve edited it.