JISA Vs Savings
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Misd_sixties22
Posts: 30 Forumite
Hi,
I have two JISAs for my daughters. I am starting to think about the future and wondering whether they are the best route. Ideally I want the money to be a house deposit and worry that when they get access, they could blow it! I know I can't hide it from them at 18 as they'll have to sign forms. Could transfering to a normal savings account be better? There are also specific children's ones, like Nationwide. My question is would there be any tax on it either now or in the future? They have about £3000 at the moment and I hope to have about £6000 by the time they're 18. Ideally I wouldn't give it to them until needed, e.g age 25 or more!
Many thanks for any advice.
I have two JISAs for my daughters. I am starting to think about the future and wondering whether they are the best route. Ideally I want the money to be a house deposit and worry that when they get access, they could blow it! I know I can't hide it from them at 18 as they'll have to sign forms. Could transfering to a normal savings account be better? There are also specific children's ones, like Nationwide. My question is would there be any tax on it either now or in the future? They have about £3000 at the moment and I hope to have about £6000 by the time they're 18. Ideally I wouldn't give it to them until needed, e.g age 25 or more!
Many thanks for any advice.
0
Comments
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For the money already in a JISA wrapper it's locked up until they are 18 and you will not be able to transfer it to a different type of product. You are free to move it between ISA managers to chase the best rates, etc using the ISA transfer process.0
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