Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • HBS
    • By HBS 10th Apr 18, 9:19 PM
    • 1Posts
    • 0Thanks
    HBS
    Grandparent paying cash to J ISA
    • #1
    • 10th Apr 18, 9:19 PM
    Grandparent paying cash to J ISA 10th Apr 18 at 9:19 PM
    Tried to pay cash into my grandsons junior ISA at the Nationwide today as I have done in previous years but was told that as a 3rd person (?) this was illegal. Have the rules changed?
    Instead they suggested that I paid by bank transfer from my Santander account; What's the difference?
    I want to do it this way to get a proper, old fashioned, paper receipt!
Page 1
    • p00hsticks
    • By p00hsticks 10th Apr 18, 9:39 PM
    • 6,381 Posts
    • 6,917 Thanks
    p00hsticks
    • #2
    • 10th Apr 18, 9:39 PM
    • #2
    • 10th Apr 18, 9:39 PM
    Tried to pay cash into my grandsons junior ISA at the Nationwide today as I have done in previous years but was told that as a 3rd person (?) this was illegal. Have the rules changed?
    Instead they suggested that I paid by bank transfer from my Santander account; What's the difference?
    I want to do it this way to get a proper, old fashioned, paper receipt!
    Originally posted by HBS
    Not sure about it being 'illegal', but yes, several banks and building societies have recently changed their rules to prevent third parties from depositing cash into other peoples accounts.

    I read about it in the last few days on this forum but can't remember whether it was on this board or the banking one and can't find the thread at present.

    I seem to recall that Nationwide and Santander were two of the institutions mentioned, and that the reason quoted for the change was either fraud and/or money laundering prevention.
    • p00hsticks
    • By p00hsticks 10th Apr 18, 9:49 PM
    • 6,381 Posts
    • 6,917 Thanks
    p00hsticks
    • #3
    • 10th Apr 18, 9:49 PM
    • #3
    • 10th Apr 18, 9:49 PM
    I don;t think this is the thread I was thinking of, but this mentions the issue

    http://forums.moneysavingexpert.com/showthread.php?t=5816541
    • In For A Penny
    • By In For A Penny 10th Apr 18, 10:06 PM
    • 339 Posts
    • 305 Thanks
    In For A Penny
    • #4
    • 10th Apr 18, 10:06 PM
    • #4
    • 10th Apr 18, 10:06 PM
    Probably just money laundering regulations. Bank transfer will be no issue
    • xylophone
    • By xylophone 11th Apr 18, 10:35 AM
    • 26,492 Posts
    • 15,733 Thanks
    xylophone
    • #5
    • 11th Apr 18, 10:35 AM
    • #5
    • 11th Apr 18, 10:35 AM
    as a 3rd person (?) this was illegal.
    The problem is the cash, not the third party contribution.

    http://forums.moneysavingexpert.com/showthread.php?t=5693263&page=3 post 49

    https://www.gov.uk/junior-individual-savings-accounts/add-money-to-an-account

    Anyone can pay money into a Junior ISA, but the total amount paid in can't go over 4,260 in the 2018 to 2019 tax year.
    • AnotherJoe
    • By AnotherJoe 11th Apr 18, 1:22 PM
    • 10,611 Posts
    • 12,146 Thanks
    AnotherJoe
    • #6
    • 11th Apr 18, 1:22 PM
    • #6
    • 11th Apr 18, 1:22 PM
    Tried to pay cash into my grandsons junior ISA at the Nationwide today as I have done in previous years but was told that as a 3rd person (?) this was illegal. Have the rules changed?
    Instead they suggested that I paid by bank transfer from my Santander account; What's the difference?
    I want to do it this way to get a proper, old fashioned, paper receipt!
    Originally posted by HBS
    Well thats contradictory, they say its illegal as a third person, then they say you can do it from your bank account, which would still be from a third person !

    Did the counter clerk look like this?



    As said by others, the issue is cash.

    If you want something to present to the child, print up something yourself (which will look better than a counter receipt anyway) otherwise why do you need a paper receipt?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

44Posts Today

3,175Users online

Martin's Twitter