ISA experts : does a GC have to be with a GC to make an isa deposit when they turn 18?

[Aprilshowers13]

DD turned 18 in January and her gf has said she needs to be with him when he makes a deposit ?

He has also said due to a quirk in the system he can add to her jisa and and adult ISA ?
But her account changed to adult anyway ?

This is an on line deposit

Martin Lewis said that you can contribute to a JISA before 18th Birthday and adult ISA after 18th Birthday in the same tax year.

Money usually has to be the investors own cash so your Grandchild may need to be present or the money paid from her own current account. Check the rules for the actual account the money is going into.

DC, GF, he, her?
What?

Anyone can contribute to a children's isa, but once she's turned 18 she needs to put the money in from her own account, her grandparents can't do it from theirs

Thank you .
So to be clear I don't think the jisa exists now because we have forms and it's now an ISA ?

So that part may not be relevant.
If that's not relevant can they transfer money normally ?

@postitnot what does this mean please.

It sounds like she has to top up her own isa from her bank account ?

So instead of directly into her ISA the GP needs to now put it into her bank account ?

@Notmyreality

Gf /grandfather
GC / grand child

It's hargreves and landsdowne

Yes, her grandparents need to give her the money and she puts it in the isa

So if they have her normal bank details they can do it that way ?
Without needing to get in a joint call ?

The JISA no longer exists and is now an adult ISA.

Transfer money to her using her account details and then she transfers to HL. Give HL a call to check whether it is a bank transfer or debit card payment and check payment limits on her account in case they are lower than the amount you are giving her to invest.

She should look into alternative providers though as HL are relatively expensive and are changing their fee structure. Some of the newer providers are cheap or even free and some providers have good transfer bonuses.

@ConBatulations
Gf seems to think there is a qurik in the system where the year they turn 18 they can pay into the jisa and adult ISA.
However it's now an adult ISA and no.jisa exists

So he just needs her bank details and then she can put it into her ISA

There was a recent Martin Lewis podcast on ISAs and I think it was mentioned on that. Effectively a £29k allowance in the tax year of their 18th birthday.

Wow that's incredible isn't it !
My confusion is that I don't think the child one exists.
I'll have to call them later but they are tricky even if I don't want daughters personal details and my daughter finds this sort of thing hard!

The junior one has been transferred into an adult one. The junior ISA had an allowance which has been used. The adult one has an allowance which has not yet been used.

The account holder (DGD) should really be the one to check with the ISA provider.

As your daughter is now 18, her JISA is an ISA. It is not a JISA any longer. You will not be able to call the provider on your daughter’s behalf unless you have Power of Attorney as your daughter is now an adult and for security purposes, the provider will need to speak directly with her.

The grandfather will be unable to deposit money into the ISA, he would have to bank transfer the funds to your daughter’s bank account for her to then deposit funds in her ISA if she so wished.

I work in a wealth management company and this is how we would deal this situation.

@MischiefManagedAlways yes I understand all I wanted to know was if her actual jisa would still be able to take a deposit if it's now converted to an adult one.

Yes it would but only from her

Thank you !

Her gf seems to think he would need to be with her

As she’s now 18 her JISA will be a normal ISA and only she can put money into it, not a 3rd party.
If her grandfather has extra money to find a home for, he could contribute into a pension for her. She’d have to open it though as over 18, but then he could pay in £2880 a year assuming she has no income/job and the government top up to £3600.

You can put £29k into an ISA in the tax year someone turns 18 but
the first £9k is a deposit into their junior isa that needs to be done before their 18th birthday
the next £20k is into their adult ISA and needs to be done after their 18th birthday and via a transfer from their own bank account

So if GF put nothing in yet, it’s only the £20k allowance that is available

@PosiePerkinPootleFlump thanks

It's only the adult ISA now so I assume it's just the 20 grand max that can go in?

Also they have just said my daughter needs to give him a letter of authority which would link his account to hers and he can add to it but also control it.

Sorry to gatecrash your thread, op..but have I read correctly that I can put £9k in before her 18th birthday, then £20k afterwards in the same year once she turns 18?

@ConBatulations I'm very slow when it comes to this sort of thing .

So the idea is she had a junior ISA and money was paid in . However in the same year she's now got an adult ISA so the idea is she can get this money paid in now before the new tax year after April and another....amount can be paid in ?

So essentially 29 on one tax year and 20 the following year ?