Fidelity Junior ISA - Does anyone know how other people can pay in? Friends/Family?

thundyuk

Hi all,

Sorry if this is a daft question, I promise I did look around but my nephew's just had a JISA opened & his mum (my sis) put the first £100 in, and some of his family/friends also want to contribute but directly, rather than sending her the cash, for her to then put in.

Surely there's a way to do this by bank transfer, and then the account reference number but stone me if I can find the details. All I could find was some paper form that looks like it's from the 90s but I'd think that there'd be a way like when you bank transfer to NS&I and other places you just send to for example:

Bank name : NS&I
Account number :123456
Sort: 12-34-56
Reference: YourNSINumber

Does anyone know if this is possible please / have a link to the details? 

Much appreciated.

PS I think it might be due to the ISA tax relief rules that direct transfers isn't allowed from anyone but the responsible adult but hopefully I'm wrong.

surreysaver

I imagine the registered contact for the account (your sis) would need to provide the details.  I imagine you could set up a direct debit or maybe pay in by debit card.  There has to be someone in control over it, as there are maximum limits that can be contributed.

refluxer

Is this the account they hold ? https://www.fidelity.co.uk/junior-isa/

If so, then there is some help in the following link - I've pasted the bits that seem relevant to your questions but I would have a read through the page yourself, too. It doesn't look like you can pay into it with a bank transfer.

https://adviserservices.fidelity.co.uk/secure/help-support/products/account-dealing/investing-children/

• Junior ISA accounts can only be opened by someone with parental responsibility for the child (parent or legal guardian), but other family members and friends can then make contributions

How do you top up a Junior ISA?

All lump sum payments can be made online. If the payment is coming from a third party, such as a grandparent, this person should be added as a prospect which will enable you to select them as a payee on the submission page.

Payments can be made by cheque or debit card – please note we do not currently accept payments by bank transfer for Junior ISAs.

Can a third party contribute into a client’s Junior ISA?

Yes, a third-party lump sum contribution can be made online. You will need to set the third party up as a prospect, which will allow you to select them as a payee when making the investment. To set up a third-party regular savings plan, you will need to complete and submit this application form.

thundyuk

refluxer said:

Is this the account they hold ? https://www.fidelity.co.uk/junior-isa/

If so, then there is some help in the following link - I've pasted the bits that seem relevant to your questions but I would have a read through the page yourself, too. It doesn't look like you can pay into it with a bank transfer.

https://adviserservices.fidelity.co.uk/secure/help-support/products/account-dealing/investing-children/

• Junior ISA accounts can only be opened by someone with parental responsibility for the child (parent or legal guardian), but other family members and friends can then make contributions

How do you top up a Junior ISA?

All lump sum payments can be made online. If the payment is coming from a third party, such as a grandparent, this person should be added as a prospect which will enable you to select them as a payee on the submission page.

Payments can be made by cheque or debit card – please note we do not currently accept payments by bank transfer for Junior ISAs.

Can a third party contribute into a client’s Junior ISA?

Yes, a third-party lump sum contribution can be made online. You will need to set the third party up as a prospect, which will allow you to select them as a payee when making the investment. To set up a third-party regular savings plan, you will need to complete and submit this application form.

Yeah that's the account. Thanks very much, I'll have a read through all that.

*edit* Thank you again - all similar to what I found, it's pretty awkward. I think it's probably like this due to the tax free nature of any ROI and the £9000 limit per annum.

It's less than ideal but what I might advise her to do is set up a standard junior savings account in his name - with a normal account number and sort code as you'd expect - then transfer from that to her current account, then top up with a debit card.

Seems a bit strange you can't bank transfer with a reference to me but again must be for tax reasons?

refluxer

thundyuk said:

*edit* Thank you again - all similar to what I found, it's pretty awkward. I think it's probably like this due to the tax free nature of any ROI and the £9000 limit per annum.

It's less than ideal but what I might advise her to do is set up a standard junior savings account in his name - with a normal account number and sort code as you'd expect - then transfer from that to her current account, then top up with a debit card.

Seems a bit strange you can't bank transfer with a reference to me but again must be for tax reasons?

No, that's not normal for a JISA - I've had JISAs for my kids with various banks and building societies over the years and both myself and others have been able to pay into all of them with an online bank transfer using the account sort codes and account/reference numbers, just as you would with most other savings accounts. Must be a Fidelity 'quirk'... and an annoying one at that !

eskbanker

thundyuk said:
It's less than ideal but what I might advise her to do is set up a standard junior savings account in his name - with a normal account number and sort code as you'd expect - then transfer from that to her current account, then top up with a debit card.

Not sure that it's a good idea to route via a child account like that, as regular transfers from child account to parent might ring alarm bells - why not just cut that step out and send the money directly to your sister's current account for forwarding on (with some sort of documented instructions/audit trail if felt necessary for trust reasons or whatever), if she's going to need to be in the loop anyway?