To not have realised that you can't access money in a junior ISA

[Puffwiththegreeneyes]

Until the child is 18?

When my kids were born we opened a junior saver for them, with me as the linked adult. We put a monthly amount in there as well as birthday and Christmas money. About 2 years ago we also opened a junior ISA and put some of the money in there. As interest rates went up, we put more and more in. And now only a small amount remains in the savings account. DS wanted to use his Christmas and birthday money recently to buy himself something (he's 8, this is the first time he's wanted something specific with his money).

I went to the savings account but there wasn't enough so planned to take a small amount from the ISA and found I couldn't! Was really really surprised. I obviously missed it when signing up. I had assumed that you could remove it, but with a tax implication (to stop adults using them to avoid tax) and we'd factored that in.

Obviously the solution now is for all birthday and Christmas money to go in to the saver (which I have instant access to) and leave the ISA for later.

But AIBU to not have realised?

I also know this is a first world problem and we're lucky to have money to put aside for the kids.

Yabu, because you obviously just didn't read the terms and conditions properly.

Yes YABU it’s a pretty obvious term if the account, it’s not hidden.

They'd be widely misused without that restriction. As savings accounts frequently are.

Sorry OP I think YABU too as it’s quite clear.

Unfortunately you can only access the money in one if the child dies / is terminally ill. Not something to wish on anyone.
HMT rules.

This was our main reason for not really using

Also a key point is that money doesn't belong to you. You have no right to it.
When child.18.only they can access.

Technically you can’t then either as it’s their money, not yours

Did it not occur to be to read the key points of it when you applied for it?

There's giving facts and then there's being a facetious know it all.

YANBU OP, we can't all be perfect people.

The whole point is so your kid has money at 18 for college or Uni or to travel or start an apprenticeship, train, or whatever.
It’s a good thing, so crabby parents or guardians can’t touch it…

Yes, we won't be using them anymore either.

I think it’s a bit weird to use his own money to buy a gift that you will present to him as having been bought by you. That is his money and the junior ISA isn’t a bank account it’s savings account for the child to give them a better start once they’re 18.

Kid wanted to spend some of his own Xmas and birthday money on something for himself. All the money was put into the isa. At no point was op pretending the gift was from them. Did you not even read what op wrote? It's all there in the first post!

Where did you get that from? DS asked to use his Christmas money to buy the thing. He was coming with me to buy it. At no point was I pretending I bought it.

Yanbu, I only found out when I had gone into a bank to open one and happened to ask if there was any penalty when withdrawing money. I opened a different savings account instead.

Afterwards looking at the information about junior ISAs again I felt a lot of it was ambiguous, it said something like "your child can withdraw money from 18", but it didn't say anything as clear as "no money can be taken out of the ISA until the child is 18."