Top Junior ISAs guide: discussion

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  • xylophone
    xylophone Posts: 44,413 Forumite
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    You can of course open easy access savings accounts but as a Trustee you will wish to act in the best interests of the children and achieve the maximum interest rate - this involves keeping an eye on the accounts.

    You might perhaps consider a lump sum investment into an investment trust for each child?
    https://docs.google.com/viewer?a=v&q=cache:b2yQlT9l7UoJ:www.theaic.co.uk/Documents/Factsheets/AICChildrensFactsheet.pdf+holding+shares+on+behalf+of+a+child&hl=en&gl=uk&pid=bl&srcid=ADGEESi5-cK2jv4pVy6Bz8WYDqPVLW1rmHVCGjWwztkrn0vofa06YR8G1npKDXSxwXjFN4mDmUXm1L6EGqP-37qjJ866rsf27P6J64BG_MmZqsJp2lUPcmCzLR_KioVARFhY88xyv33w&sig=AHIEtbQf2qulbTpAxpcE_OSaqojMAfXUOA
    http://www.sit.co.uk/products/investing_for_children/features/questions_and_answers/
  • deeor
    deeor Posts: 23 Forumite
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    Thanks again xyzlophone. Looks like investment/bare trusts are the way to go as they can be set up independently of parents or guardians.
  • maisiedaisie
    maisiedaisie Posts: 4 Newbie
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    JVM wrote: »
    I tried to open the 6% junior cash ISA at local Bank of Scotland branch but they are no longer selling Halifax products and according to the website almost all Halifax branches in Scotland have gone. So, as a branch only account, it is hard to buy this 6% cash Junior ISA if you live in Scotland. :(
    it is not hard just impossible as they have no branches in scotland so this is a discrimination against scottish people.
  • maisiedaisie
    maisiedaisie Posts: 4 Newbie
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    JVM wrote: »
    If you can get to a branch in England to open the account then it can be managed (ie paying money in) at a Bank of Scotland after that.

    I have done this and OK so far......
    as my child is 16 , they have to be present I would have to travel with him from aberdeen to open this account and if there are any problems you have to go to branch to sort not bank of scotland
  • scrumdiddly
    scrumdiddly Posts: 1 Newbie
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    I wanted to open a children's isa with Halifax but am the grandparent not the parent, so was unable too.
    Instead the granddaughters mother opened the account instead as she already has an isa with Halifax. What it doesn't tell you is your isa has to have £2500 in to benefit from the 6% rate.
  • alge
    alge Posts: 3 Newbie
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    scrumdiddly wrote: »
    I wanted to open a children's isa with Halifax but am the grandparent not the parent, so was unable too.
    Instead the granddaughters mother opened the account instead as she already has an isa with Halifax. What it doesn't tell you is your isa has to have £2500 in to benefit from the 6% rate.


    Right, this is my first post on this site, so forgive me if it doesn't quite turn out as planned.
    You only need to have £1 in your ISA account - to quote the Halifax web site "*** Where the adult Registered Contact for the Junior Cash ISA holds a Halifax cash ISA with a minimum balance of £1 the Relationship Interest rate will apply to the Junior Cash ISA, for children under 16. If the adult registered contact's Halifax cash ISA balance falls below £1, the account is closed or transferred, the relationship interest rate will no longer apply to the Junior Cash ISA.
    The Relationship Interest will also apply to all Junior Cash ISAs where the child is 16 or over whether or not the Registered Contact has a qualifying Halifax cash ISA.

    I can't post the actual link to the Halifax page, because as a new user, I can't post links yet :mad:
  • hedgehogs_2
    hedgehogs_2 Posts: 23 Forumite
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    Just wanted to let you all know that my daughter recently opened an isa(junior) in her own right at our local Halifax and is getting 6%. She made the appointment herself and signed the forms in her name. She is one happy junior money saving expert!:j
  • kalsha
    kalsha Posts: 1,040 Forumite
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    hedgehogs wrote: »
    Just wanted to let you all know that my daughter recently opened an isa(junior) in her own right at our local Halifax and is getting 6%. She made the appointment herself and signed the forms in her name. She is one happy junior money saving expert!:j
    How do you know that your daughter is getting 6%? Has she got the statement showing 6% already? As far as I know, they only send a statement once a year. I am only asking because my daughter also opened the same account and should have got 6%. After a few months, I found out that only 3% had been applied to her account. It took a few weeks to sort that out - I still haven't seen the next statement to make sure that 6% has been applied. Just keep an eye on it.
  • hedgehogs_2
    hedgehogs_2 Posts: 23 Forumite
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    The rate was confirmed at the opening meeting. She hasn't had a statement yet but will check all details. Thanks
  • sike222
    sike222 Posts: 34 Forumite
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    hi guys, ive read through this forum a couple times and i would appreciate some help. i have a one year old and want to open up a shares jisa but i really have no clue which would be the best option. i presume one with the lowest fees but which would that be?

    any help would be really appreciated.

    cheers
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