ISA for birthday between April 2006 and 2008

capybara_pop

On the government website there is a statement that if you were born between April 2006 and 2008, you can get an adult ISA. But I can't find anything else to back this up - even a government reply to a question on the same website says under 18s can only open junior ISAs. Can anyone help me find one of these ISAs for my child who falls within this date range? Thanks!

jimjames

That page might be out of date. I think the rules changed

eskbanker

The rules did change as a result of the autumn 2023 budget, under which adult ISAs can only be opened from 18, but transitional arrangements were defined for a two year period - however, there was no obligation for providers to offer these, so many (most? all?) will have decided that it was too much hassle to codify temporary rules....

At Autumn Statement 2023, the government announced a package of ISA reforms, which come into effect from 6 April 2024.   

1.1 Increase the age for opening cash ISAs from 16 to 18 years old and over

From 6 April 2024 it will not be possible for anyone aged 17 and under to subscribe to more than one cash ISA. This is a mandatory change with transitional arrangements.

Transitional arrangements

The transitional arrangements end at midnight on 5 April 2026.

If, at 5 April 2024, an individual is 16 or 17 and does not have an existing cash ISA, they will be eligible to apply for, and subscribe to, a single cash ISA in any tax year until their 18th birthday. 

Where an individual aged 16 or 17 holds an existing cash ISA, they may continue to subscribe to it or transfer it to another cash ISA after 6 April 2024. 

Where an individual aged 16 or 17  has a cash ISA on fixed rate or fixed terms and it ends, maturing funds may be transferred to a new cash ISA, or the existing manager may transfer funds to a new or continuing product where this is provided for in the term and conditions of the existing account.

You may accept a transfer of an existing cash ISA held by an individual aged 16 or 17, but all current year subscriptions must be transferred, and the original account closed.

An individual aged 16 or 17 with a cash ISA is eligible for additional permitted subscriptions to that ISA, however any current year subscriptions must be transferred in full.

ISA managers can choose whether to offer cash ISAs to individuals who fall within the transitional arrangements.

https://www.gov.uk/government/publications/tax-free-savings-newsletter-11/tax-free-savings-newsletter-11

capybara_pop

Thanks very much for your replies. So my option is just to search through ISAs on the off-chance I find one who has decided to offer under the transitional agreement. 

eskbanker

capybara_pop said:

Thanks very much for your replies. So my option is just to search through ISAs on the off-chance I find one who has decided to offer under the transitional agreement. 

Effectively, yes, unless someone who happens to be familiar with such a product posts about it.

You could always get your 16/17 year old to do the legwork if they wish to benefit from being treated as an adult rather than using a junior ISA!