Junior ISA Providers
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Junior ISAs

Here we provide further details regarding Baby ISAs including both the cash and Stocks and Shares Junior ISA.

A Junior Stocks and Shares ISA is a tax free savings account for Children with which you hold investments in.

Dependent upon the provider, your money is invested into ‘Funds’ which in turn will invest in items such as stocks and shares, government and corporate bonds, commercial properties and much more.

Stocks and Shares Junior ISA

A Baby Cash ISA is a tax free savings account for Children and works very much like a regular Children’s savings account.

You can only hold cash within the account and your savings earn a fixed amount of interest per year.

Currently there are very few Cash Junior ISA Providers.

Cash Junior ISA

Both Cash Junior ISAs and Stocks and Shares Baby ISAs have the same regulations which are highlighted below:

  • Children who missed out on the child trust fund who where born on or after the 3rd January 2011 or any child under 18 years of age who was born before September 2002 will be eligible for a Junior ISA.
     
  • The total annual Junior ISA Allowance (Junior ISA Limit) is £4000 per year.
     
  • Anyone can contribute towards the Junior ISA including grandparents, family members and friends. This makes them great for Birthday’s, Christmas etc - No more unwanted gifts.
     
  • The Junior ISA is tax efficient wrapper, just like an adult ISA.
     
  • All funds are locked safely inside the account and can only be accessed by the child when he/she reaches 18 years of age.
     
  • Management of the account can pass onto the Child when they reach 16 years of age should they wish. The Child is free to move their Junior ISA to a different provider but cannot make any withdraws until they are 18 years old.
     
  • Parents / Grandparents etc are not permitted to withdraw from the Baby isa account as it is designed to help provide towards the child’s financial future.
     
  • A Junior ISA can only be opened by the child’s parent(s) or the adult who has full legal parental responsibility of the child.
     
  • Once the child reaches 18 years of age the Baby ISA will automatically change to a regular adult ISA and the child can access their funds.
     
  • Each eligible child will be able to hold both a cash junior isa and an investment junior isa (stocks and shares junior isa) but the total combined investment allowance is £3600 per year. Both accounts do not have to be with the same provider and you are permitted to transfer your Junior ISA to a different provider should you wish.
     
  • The government will not contribute towards a Junior ISA like they did with the Child Trust Fund.
     
  • Any child with a Child Trust Fund will not currently be able to transfer it to a Junior ISA.
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