Junior ISAs - JISAs - Children's ISAs | moneyfacts.co.uk

Junior ISA Best Buys

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3.50%
Variable Age 18 £1 Yes
  1. No
  2. Yes
  3. Yes
  4. No
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3.25%
Variable Age 18 £1 Yes
  1. Yes
  2. Yes
  3. No
  4. No
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3.15%
Variable Age 18 £1 Yes
  1. Yes
  2. No
  3. No
  4. Yes
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3.00%
Variable Age 18 £1 Yes
  1. Yes
  2. Yes
  3. No
  4. No
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3.00%
Variable Age 18 £1 Yes
  1. No
  2. Yes
  3. No
  4. No
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3.00%
Variable Age 18 £1 Yes
  1. No
  2. Yes
  3. Yes
  4. No
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Last Updated: Thursday 18 January 2018 14:26

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Junior ISAs explained

  • Available to children under the age of 18
  • Save or invest up to £4,128 in the 2017-18 tax year
  • Has to be opened by the child’s parent or guardian
  • Anyone can pay into the JISA once opened
  • Money can’t be accessed until the child turns 18 (although the child can take charge of the account at 16)
  • Tax advantages will depend on your individual circumstances and may change in the future

Junior ISAs (or JISAs) were launched in November 2011 as a tax-free method of saving or investing for children. It replaced the Child Trust Fund (CTF) scheme for newborn children, and allows older children a tax-free way to save.

Children are eligible for a Junior ISA if they are under the age of 18 and do not already hold a Child Trust Fund (your child will hold a CTF if they were born between 1 September 2002 and 1 January 2011). However, Child Trust Funds can now be transferred to Junior ISAs, so you’re free to move the funds across should you wish. Of course, you can continue to contribute to your child’s CTF, as well as transferring to a more competitive CTF if the interest rate is not as attractive as it once was, if a JISA transfer isn’t for you.

2017-18 Junior ISA allowance

In the 2017-18 tax year (which runs from 6 April 2017 to 5 April 2018) you can save or invest up to £4,128 in a Junior ISA.

You can save for your child either in a cash JISA, a stocks and shares JISA, or a combination of the two. For example:

  • Up to £4,128 in a cash Junior ISA, or
  • Up to £4,128 in a stocks and shares Junior ISA, or
  • £2,064 in a cash JISA and £2,064 in a stocks and shares JISA (or any other split), up to the maximum yearly allowance

WarningStocks and shares Junior ISAs can fall as well as rise in value. Make sure you fully understand and accept the risks you are taking before entering into any arrangement.

Penny Pig 16 and 17 year-olds currently get two ISA allowances. In the 2017-18 tax year they have a Junior ISA allowance of £4,128 and a cash ISA allowance of £20,000 too!


Why a Junior ISA over a normal children’s savings account?

Cash Junior ISAs come in the same varieties as normal children’s savings accounts. With most children not paying tax on savings interest they receive, what’s the advantage of putting money in a Junior ISA?

  1. The money cannot be accessed until the child turns 18, putting it out of temptation’s reach.
  2. Money that parents or step-parents pay into a child’s savings account may be liable for tax if the child earns more than £100 interest. Junior ISAs are exempt from this rule.

What next?

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