Taking cash out of my children's account

[Joanyoureddish]

My children have £10k a piece in a cash savings account - not an isa but a standard child savings account.

I have set up a seperate stock and shares jisa for both of them

id like to add £100 to £200 per month from their savings account to their jisa however the bank will charge £12 to transfer the money from their savings account to the jisa.

can i withdraw £200 from their account each month and transfer £200 from a separate account to their jisa?

i'd like to do this and add a small amount here and there. Hoping to get £30k for them to help them on their way.

Just wondering why you wouldn’t just transfer all / a larger amount to the ISA instead of doing it bit by bit? Stocks and shares ISAs are usually a good choice for children because they won’t need the money for many years so there is time for it to grow.

otherwise assuming you are authorised to withdraw money from the account I wouldn’t see an issue with what you’re suggesting.

Worried about the market crashing and losing all of their money

I would be careful about doing this as I have a family member who was advised by the accountant to invest in stocks, they lost it all.

If you're worried about losing their money (and I definitely would be) then why transfer any of their money to it? Just pay in your 'small bit of money here and there' and then you'd only lose your money. If you're not worried, then transfer the limit of £9k in one go and pay one transaction fee. Money that is already theirs isn't to be gambled with tbh, so, if you have sensible doubts, just don't do it.

I wouldn’t worry about this too much as it’s really about length of investment, rather than trying to time the market.

I’d just transfer it all in one go and leave it, over 10 years market fluctuations won’t matter.

Agree with this…
long term stock market has increased by 8% per year. Yes the market may crash but it always comes back.
the bigger risk is savings sitting in cash and being eroded by inflation.
if you don’t want to invest it all because of that then just do 50% or so now.

ETA - I’m talking about investing in a fund, eg all world, not individual stocks.

If you want to drip feed you can transfer the cash all in one then just buy the shares bit by bit. But agree with pp that you may as well just get on with it. It’s actually quite a good time to buy now as there’s been a dip in the US.

My only caveat to this OP, is that Trump is likely to cause some damage to the stock market this week… so you might want to wait a few weeks to see how that pans out before you act.

Thanks all - will look at transfer it all and then slowly drip feeding into the stock market.

i think leaving it in a back account would errode its value