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  • FIRST POST
    • neil7
    • By neil7 13th Jan 19, 5:01 PM
    • 12Posts
    • 0Thanks
    neil7
    saving accounts for under 16's
    • #1
    • 13th Jan 19, 5:01 PM
    saving accounts for under 16's 13th Jan 19 at 5:01 PM
    Hi

    my niece and nephew aged 11 and 13, can they have stock/shares isa or is that only over 16?

    What is the best option for long term saving accounts until they reach 18? A few grand a year will get saved ongoing. They both have accounts and I think its with Nationwide.

    is there any point them having junior isa? if so which?

    Also opened and in grandparents names are saving account for the children but with low rates, would it be best to transfer accounts from grandparents and directly into the children's names to get a higher rate?

    many thanks
Page 1
    • justme111
    • By justme111 13th Jan 19, 5:42 PM
    • 3,127 Posts
    • 3,007 Thanks
    justme111
    • #2
    • 13th Jan 19, 5:42 PM
    • #2
    • 13th Jan 19, 5:42 PM
    Yes they can. It is called JISA.
    Look up child savings article on here re rates.
    Nationwide has future saver which could give them 3.5% if parents have an account with it for 5k/ year till they are 15. It is in parents name though.
    Parents/grandparents decide whether there is a point for them to have JISA - whether they happy to put money into bank accounts or whether they would want to put them somewhere with a potential for more growth and a risk of drop in value. Depends as well when they envisage children to use that money - if soon after 18 then may be keeping it in cash is better; if it is to form the seeds of children's retirement funds then JISA better or even pension.
    Depends whether grans would be happy to transfer the money into children's names; remember - if it is in their names they could !!!! it up the wall from the age of 16 I believe; certainly 18.
    • xylophone
    • By xylophone 13th Jan 19, 9:33 PM
    • 27,997 Posts
    • 16,886 Thanks
    xylophone
    • #3
    • 13th Jan 19, 9:33 PM
    • #3
    • 13th Jan 19, 9:33 PM
    my niece and nephew aged 11 and 13,
    So they already have CTF?

    See post 2 https://forums.moneysavingexpert.com/showthread.php?t=5949994

    The JISA can have a cash and a stocks and shares component - the grandparents can contribute as can aunt/uncle /friend etc.

    https://www.gov.uk/junior-individual-savings-accounts
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