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Junior ISA’s (JISA)
Looking to save for a child or other family member who is under the age of 18? Then a Junior ISA (JISA) may be just the thing!
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What is a Junior ISA?
A Junior ISA is basically the name given to a government approved tax-free savings allowance. In other words, the amount, that can be saved on behalf of a child every year so that any “profit” (ie: interest or growth) is not taxable.
The amount any child can save is their “allowance” and in the current tax year (2025/26), the limit is £9,000 in total for each child.
Some people think that children do not pay tax – this is not true! They pay tax like anyone else depending on their income or growth on savings or investments. Using a Junior ISA (as opposed to a normal, taxable account) means more growth is kept and no tax is deducted or due.
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There are 2 types of junior ISA:
There are in practise 2 types available:
- A “cash” JISA. This is not subject to fluctuations and works in a similar way to a standard bank account in the fact the capital is secure and it usually earns a fixed rate of interest.
- A “stocks & shares” JISA. This is invested, perhaps in investments or stock markets meaning the capital is “at risk” and will fluctuate. Given there is greater capital risk, over longer periods of time there is more potential for higher returns.
A child can own one or both types of JISA, as long as their allowances are not breached. A child can only have 1 cash and 1 stocks and shares version at any one time.
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How does a JISA work?
Where the child is below 16 years of age, parents or guardians of the child normally open up and choose the JISA on behalf of the child. The Parent/Guardian also “manage” the account and choose any investments.
Where a child is aged 16 or 17, they can open up their own JISA but are limited to the “cash” version only until they turn 18.
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Can a JISA be transferred?
Simple answer is yes. If you think a different JISA provider will pay more interest or could earn more money via their investments, you are able to transfer a JISA to them. Contact the provider you want to move to and they will arrange the rest!
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When can the child access the JISA?
The Junior ISA itself can be accessed by the owner ( ie: the child) after they turn 18 leading to the first potential pit-fall.
A JISA automatically becomes a standard ISA on their 18th birthday giving them complete and unfettered access. Imagine you have saved all your life for your “little Johnny” to get a good start in life. Then “little Johnny” turns 18 and gets in with the wrong crowd (or decide they want a fast car for example). They simply walk into their bank and withdraw the lot. Even though you saved the money, you have no right to intervene or even know they have done it. Possibly, not a nice position to be in we think!
Other types of tax-free children’s savings.
Historically, some children may have a “Child Trust Fund” instead and these were subject to different rules. Child Trust Funds ceased in 2011 so are rare now but if your child has one, it will need to be transferred into their new JISA. The rules do not allow a child to have both a Child Trust Fund and a Junior ISA.
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Still need help?
Financial Fortress are experts in all types of savings including JISA’s. We will help you understand all the options and ensure your money is working as hard as possible. JISA’s can have charges – some providers charge more than others and investments need to be chosen carefully to ensure they are suitable. Your adviser will compare providers and solutions and recommend where improvements can be made. Get in touch today!
Here are some fabulous links to other sources of information & support:
https://www.gov.uk/junior-individual-savings-accounts
https://www.gov.uk/child-trust-funds
https://www.nsandi.com/products/junior-isa
https://www.moneysavingexpert.com/savings/junior-isa
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