Junior ISA Rules Clarification needed.

toothdoctor

Hi

I have a junior ISA for my child with a company called Orbis since 2018. I haven't contributed to this JISA for a number. I want to open another JISA with a different provider (HL) this year for new contributions. Both are/will be S/S JISA's. Is this allowed? or would I need to transfer my JISA from Orbis to HL before new contributions can be added?

From what I read it says that a child is only allowed 1 cash JISA and 1 S/S JISA which makes me think that what I want to do is not allowed. 

I know this tax year there was change in the rules regarding normal ISAs so that you could contribute to as many different ISA platforms/providers as you like as long as you didn't exceed the 20K allowance. Is this the same for JISA's?

Thank you

Peter999_2

No, it's not the same for JISAs.  You can only have one.

Junior Individual Savings Accounts (ISA): Overview - GOV.UK

eskbanker

toothdoctor said:

I know this tax year there was change in the rules regarding normal ISAs so that you could contribute to as many different ISA platforms/providers as you like as long as you didn't exceed the 20K allowance. Is this the same for JISA's?

The 2024/25 change specifically excluded LISAs and JISAs:

1.2 Allow subscriptions to multiple ISAs of the same type, except for Lifetime ISA and Junior ISA

This change is not mandatory, and managers can choose to limit subscriptions to only one ISA held with them in any tax year. 

This removes the restriction on subscribing to only one ISA of each type per year, however all subscriptions must remain within the overall ISA subscription limit of £20,000.  

The exceptions are that:

• investors with a Lifetime ISA (LISA) are still restricted to subscribing to one LISA a year
• investors with a Junior ISA (JISA) are still restricted to subscribing to one of each type in a year
• [...]

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

You can transfer the Orbis one into a new one with HL before continuing to fund the latter:

https://www.hl.co.uk/investment-services/junior-isa/transfer-an-existing-junior-isa

toothdoctor

Thanks both, very much appreciated, looks like I will have to transfer to HL and contribute to this JISA