Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Flip

Original poster

Junior ISAs

18 replies

IwishIwasmoreorganised · 08/04/2013 12:16

Does anyone have any knowledge or experience with Junior ISAs?

My FIL has just gives our ds's £500 each and has asked for us to save it wherever we think is best for when they're older

They both have Lloydstsb accounts, but I was thinking that they may earn slightly more interest with it in an ISA. FIL has hinted that he might be in a position to do the same again in 12 months time so if it's likely to add up to more of a significant amount over time I would like to invest it wisely.

OP posts:

MyDaydream · 08/04/2013 12:20

I save for my DS in a normal ISA in my name so I have control over when he gets it. I don't like the idea that as soon as he turns 18 it'd be his if it was in a junior ISA, I'd rather wait until there was a specific thing he wanted to spend it on rather than rinse it just because he can.

Original poster

IwishIwasmoreorganised · 08/04/2013 12:30

That could work, except that I have my own ISA. I rarely save the maximum that is allowed, but if I had 2 more for my ds's (would I be allowed that many?), that would limit us all wouldn't it?

Just pondering really - none of their grandparents are getting any younger and they all suffer with their health in different ways. If they were to leave our ds's anything in their wills or start giving them money regularly (as FIL seems to be thinking about doing) then it would be easier to have it in their own names.

I know what you mean about it being spent wisely and not wasted though.

OP posts:

PickledInAPearTree · 08/04/2013 12:38

I'm doing one in ds name - but just not telling him till he is 18. If he is a wrong un at that age I can hide the statements for a few more years!

My understanding is that you can only have 1 cash and 1 stocks and shares isa in your own name per tax year - it's been a while since I checked that but don't think it's changed.

Katisha · 08/04/2013 12:40

If you have your own account of any sort with Halifax you can get 6% on a Junior Isa.

Original poster

IwishIwasmoreorganised · 08/04/2013 12:49

That's interesting Katisha. I think DH may have a Halifax account. Thank you.

OP posts:

Katisha · 08/04/2013 13:00

If you do one with Halifax, make sure that the subsequent paperwork is right and that they aren't mistakenly doing the lower interest rate for people without an adult account. Happened to us but DH spotted it.

Anyway it's the best deal around I think. You have to book an appointment with the branch to open it, takes for ever and you need all sorts of ID, but worth doing.

Original poster

IwishIwasmoreorganised · 08/04/2013 13:17

Thanks, I'll look into it and check with DH.

OP posts:

throckenholt · 08/04/2013 13:18

The children's lloyds account is 3% up to balances of £20K - probably as good as most ISAs you can get.

Might be worth putting it there for the time being until things improve.

throckenholt · 08/04/2013 13:20

just checked Halifax - the 6% rate is just for over 16s - so presuming your's are littlies they will only get 3% with that.

Katisha · 08/04/2013 13:23

That's odd - I have just topped up Junior ISAs at Halifax for DSs and they are 13 and 11

Katisha · 08/04/2013 13:25

6.00% tax free/AER variable
if an adult cash ISA is held or child is 16 and over. If an adult Halifax Cash ISA isn?t held, the standard Junior Cash ISA rate (3.00% tax free/AER variable) will apply.

If you already have a Halifax account you don't have to have a child over 16 to get the 6%

PickledInAPearTree · 08/04/2013 13:26

I have 3% in a northern rock savings account - they don't pay tax anyway so I've filled in a form to have it paid gross and for his isa I use a stocks and shares one from fidelity as interest rates are so rubbish. And with 18 years to go I think it's worth investing.

Katisha · 08/04/2013 13:27

Although I see it says you have to have an adult cash isa now. I don't think that was the case when we opened ours a while back.

throckenholt · 08/04/2013 18:43

And the adult cash isa currently on offer are pants !

I am trying to work out the best way to invest an inheritance for my boys and am struggling to find anything that beats inflation. I am wary about taking on shares at the moment.

Katisha · 08/04/2013 20:29

Martin Lewis recommends the halifax kids regular saver. You put in up to £100 a month for a year and get 6% which would also be tax free for your children. ( Hope this is right - I don't work for Halifax!)

Original poster

IwishIwasmoreorganised · 08/04/2013 21:02

Thanks all. After a bit of looking around, the Halifax one is looking best I think.

OP posts:

medaiwhore · 08/04/2013 21:23

I just opened a Junior ISA with the Halifax for my daughter at 6% - she's 12

I just had to open an ISA in my name and deposit £1 in the account, for her to get the 6% in the Junior ISA

she doesn't get her hands on the dosh till she's 18

Babyroobs · 09/04/2013 11:32

My DH recently inherited assmall sum of money and opened an ISA with Halifax, We then transferred our eldest 2 ds's savings to Junior ISA's linked to my dh's ISA. as pp says I think it is 6% rate. My other 2 kids money i stuck in CTF, but I hope in time we will be able to open ISA's for them too.

Flip