Multiple JISA question

Ghostcrawler

I have got a JISA with HL and paying monthly to it.  I want to take aadvantage of an offer from another provider.  Can I stop this investment > open JISA with another provider and invest monthly until I get the cashback offer > once cashback received (mostly 6-7 months) stop and transfer back to HL in same tax year and continue with monthly as today.

Is this allowed as I know that I cannot have more than 1 same type of JISA? or I can do this but cannot transfer back to HL and start monthly investing in same tax year and will have to wait for next tax year or cannot tranfer back to HL at all (note that I will still have existing investment with HL)?

TIA for your response

refluxer

You can only hold one cash Junior ISA and one Stocks and Shares Junior ISA at any one time, so no - you can't open a second Stocks and Shares Junior ISA in addition to the one you hold with HL, even if you stop paying into it.

Ghostcrawler

refluxer said:

You can only hold one cash Junior ISA and one Stocks and Shares Junior ISA at any one time, so no - you can't open a second Stocks and Shares Junior ISA in addition to the one you hold with HL, even if you stop paying into it.

cant even transfer from HL to new provider then back to HL?

refluxer

Yes, you can transfer from one JISA to another as this ensures you only have one open at any one time. The old JISA would be closed as part of the process, though.

Transferring is fairly straightforward for a Junior Cash ISA but may not be for a Junior Stocks and Shares ISA. If the new provider doesn't deal with the same stocks and shares as the old one, for example, then they'd presumably need to be sold and turned into cash, which may not be desirable, especially if you're wanting to transfer out and ultimately back again and that happened both ways. It would definitely be worth doing some research on this aspect first to ensure it's worth it. 

From : https://www.fidelity.co.uk/junior-isa/junior-isa-transfer/#accordion-a5577313

"Where possible, we’ll move your assets over as units/shares into the Fidelity Junior ISA. If your current provider only offers cash transfers, or the investments held with them are not available with us, they’ll be sold and then transferred as cash to the Fidelity Junior ISA"