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Original poster

How much is in your 16 to 18 year old JISA?

14 replies

kidzfuture · 03/04/2023 22:51

I have recently opened JISA's for my dc and I'm trying to imagine how much that would look like when they are 18. I appreciate I could just calculate the amount paid in and add a bit of interest to get a figure but I can't really wrap my head round the value of money in 10 to 15 years time. So, if you've been paying into your child's JISA and they are now sort of 16 to 18 years old, please tell me how much they have now? If you can also mention how much you were paying monthly over the years that would be very helpful. Thanks in advance x

OP posts:
Original poster
kidzfuture · 04/04/2023 09:30

Hopeful bump

OP posts:
elevenplusdilemma · 04/04/2023 09:59

It's really impossible to predict as interest rates will be very different in the 18 years from now compared to what's been happening since the current teen cohort were babies.

DC1 is 13 and has around £4300. This was from their initial £250 government voucher plus around £500 family gifts when they were born plus us paying in £10/month with the odd £20-£50 chucked in from grandparents for birthdays when they were younger. The value was slightly higher a year ago due to the value of the investment decreasing (it's a stocks and shares JISA).

Original poster
kidzfuture · 04/04/2023 15:36

elevenplusdilemma · 04/04/2023 09:59

It's really impossible to predict as interest rates will be very different in the 18 years from now compared to what's been happening since the current teen cohort were babies.

DC1 is 13 and has around £4300. This was from their initial £250 government voucher plus around £500 family gifts when they were born plus us paying in £10/month with the odd £20-£50 chucked in from grandparents for birthdays when they were younger. The value was slightly higher a year ago due to the value of the investment decreasing (it's a stocks and shares JISA).

I suppose you're right. Thank you for replying x

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seekingasimplelife · 11/04/2023 22:08

I would not use a JISA as a substantial savings vehicle for a child.
For a start the JISA rates often lag behind other products, and you would find better rates using your own ISA allowance (if not already utilised).

Also the money is not accessible at all until the child is 18. You might find a large expense is needed before then - driving lessons for example, or if your dc excels in a particular field such as sport or music.

And finally, once it’s in the JISA you lose any say in how it is used. Your child will have completely free rein of it on their 18th birthday- and you really have no idea how their financial skills or maturity will develop when they’re young. If they want to throw a huge party for a hundred friends and pay for taxis home for every one of them; or donate it all to a charity for squirrels on their 18th birthday, there would be nothing at all you could do.

seekingasimplelife · 11/04/2023 22:47

How much they would receive would depend on whether you opted for
investments (stocks & shares) with dividends, growth rates, and associated fees, or whether you chose savings which accrue compound interest.

For cash savings the ‘rule of 72’ can be useful.
This tells you roughly how many years it will take to double your initial cash deposit in savings with compound interest.

So with interest rates of 4%…
72 âž—4 = 18 years to double the initial savings deposit.

How much the actual value of the amount saved will be worth in spending power by then depends on inflation rates.

MyDarlingClementine · 11/04/2023 23:02

Interesting thread a while ago by those who had left the gov 250 on normal savings (zilch growth) v those who had invested in stock and shares.

Original poster
kidzfuture · 12/04/2023 08:50

seekingasimplelife · 11/04/2023 22:47

How much they would receive would depend on whether you opted for
investments (stocks & shares) with dividends, growth rates, and associated fees, or whether you chose savings which accrue compound interest.

For cash savings the ‘rule of 72’ can be useful.
This tells you roughly how many years it will take to double your initial cash deposit in savings with compound interest.

So with interest rates of 4%…
72 âž—4 = 18 years to double the initial savings deposit.

How much the actual value of the amount saved will be worth in spending power by then depends on inflation rates.

This is interesting. I'd never heard of it before. I guess this is based on a one off investment though right?

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Puffalicious · 12/04/2023 08:59

My DS 18 (last September) got roughly £17, 000. His was a Stocks and Shares Child Trust Fund (replaced by JISA). This was his £250 when born and £60 a month since the age of 1. This isn't a bad amount, although we were predicted over £20,000 and we lost quite a bit over Covid.

DS16's isn't performing so well and we may move it for the last 18 months.
HTH

Original poster
kidzfuture · 12/04/2023 13:37

Puffalicious · 12/04/2023 08:59

My DS 18 (last September) got roughly £17, 000. His was a Stocks and Shares Child Trust Fund (replaced by JISA). This was his £250 when born and £60 a month since the age of 1. This isn't a bad amount, although we were predicted over £20,000 and we lost quite a bit over Covid.

DS16's isn't performing so well and we may move it for the last 18 months.
HTH

This is not a bad amount at all! Thanks for this. It's really given good context/ a really good idea of what to expect

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Turmerictolly · 18/04/2023 19:10

I posted on the previous thread about this. Started ds at 1 years old with the £250 govt trust fund and added the CB to it. Invested in stocks and shares, now worth £23k, (was worth £26k pre Liz Truss!) which he'll receive in a few months. He knows this is for uni maintenance costs and some towards building a property deposit. He seems to be sensible with money but I've advised him to open a LISA and transfer £4k straight away.

NotDonna · 19/04/2023 13:58

Puffalicious · 12/04/2023 08:59

My DS 18 (last September) got roughly £17, 000. His was a Stocks and Shares Child Trust Fund (replaced by JISA). This was his £250 when born and £60 a month since the age of 1. This isn't a bad amount, although we were predicted over £20,000 and we lost quite a bit over Covid.

DS16's isn't performing so well and we may move it for the last 18 months.
HTH

Where are you thinking of moving it to please? My DD3’s isn’t going too well either and I’m thinking a move could be a good idea.

Puffalicious · 19/04/2023 15:33

NotDonna · 19/04/2023 13:58

Where are you thinking of moving it to please? My DD3’s isn’t going too well either and I’m thinking a move could be a good idea.

Show quote history

We've not decided yet. I've been procrastinating as too much life admin right now.

DH is going to look into it. I can PM you when he finds a few that look decent if you like?

NotDonna · 19/04/2023 18:43

@Puffalicious yes please and I’ll do the same!

Original poster
kidzfuture · 19/04/2023 23:05

@Puffalicious please pm me too if you don't mind? X

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