Individual Savings Accounts for children or Junior ISAs were introduced in November 2011 replacing Child Trust Funds. They are long-term, tax-efficient savings accounts for children who
If your child lives outside the UK, they can only open a Junior ISA if you are a Crown servant (for example, you work in the UK’s armed forces, diplomatic service or overseas civil service) and the child depends on you for care.
Take the first step on your financial journey with a conversation focused on your goals, your current situation, and where you’d like to be. We’re here to listen, understand, and help you make confident decisions about your savings and investments.
READ MORE
A child cannot have a Junior ISA as well as a Child Trust Fund account. A Junior ISA can be opened and the trust fund transferred into it.
There are two types of Junior ISA, namely a cash Junior ISA and a stocks and shares Junior ISA. A child can have one or both types at any one time but the total annual amount which can be paid into either or both combined is £9,000 (tax year 2024/25).
If the child is under 16 the account must be opened by someone with parental responsibility, e.g. a parent or step-parent, who then becomes the 'registered contact' and the only one who can change the account or provider. They should also keep all paperwork and report on any change of circumstances.
Anyone can put money into the account (providing the annual limit is not exceeded) but only the child can take it out when they are 18 years old. If they choose not to take it out or invest it in a different type of account, the Junior ISA will automatically become an adult ISA.
The money in the account can only be withdrawn before the child is 18 under two conditions:
For independent, personalized financial advice, contact us today. Our expert advisers are ready to assist you.
