Junior cash ISA
There’s a wide range of cash junior ISAs available from banks and building societies offering decent interest rates – either fixed or variable. (We don’t currently offer these at MoneySuperMarket)
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A Junior ISA – sometimes called a JISA - offers a valuable tax-free wrapper to parents, grandparents or guardians who want to build a nest egg for a child.
You can put up to £9,000 into a junior ISA in the 2024/25 tax year, which ends on Friday 5 April 2025. Anyone can pay this in, but you cannot exceed the limit.
These long-term savings accounts work similarly to adult ISAs, with no income tax due on any returns or interest. They are available for any child who does not have a Child Trust Fund (CTF) account.
The child won’t be able to access the money in a JISA until they’re 18. The cash can help towards the financial challenges they may face, such as university costs or the deposit for a first home.
There are two types of JISA to choose from depending on your attitude to risk. You can choose either or a combination of both.
There’s a wide range of cash junior ISAs available from banks and building societies offering decent interest rates – either fixed or variable. (We don’t currently offer these at MoneySuperMarket)
With a stocks and shares JISA the money is invested in stock markets. You have the potential to earn a decent rate of return on your cash over time. But returns are not guaranteed and there is risk to capital if markets fall in value
If you opt for a Junior stocks and shares ISA, you can choose to invest in a range of different assets (similar to a standard equity ISA). You can either invest in a ready-made JISA, where these assets are selected for you by the ISA provider, or you can opt for a self-select JISA, where you can choose the investments yourself.
Investment types to consider include:
Select different company shares to invest in
Exchange traded funds typically track a market or index
Invest in government or corporate bond funds
Funds which pool a range of shares and bonds
Junior ISAs are a popular choice for parents saving for their child’s future. But if you opt for an investment or stocks and shares JISA there are pros and cons to consider, including:
Your money – and investment returns - are shielded from tax
Save up to £9,000 per tax year and any adult can make contributions into the JISA
Equity investment gives your money a great chance to grow over time. Over longer periods, stock markets tend to outperform cash (although returns are never guaranteed)
With a stocks and shares JISA, your money could go down as well as up. You may get back less than you invest
Money is locked away until the child turns 18 and cannot be withdrawn
Once the child turns 18, they can do what they want with the money. Parents have no control over the proceeds of the JISA
Our goal is to help you find the best Junior ISA for your child
We show you a range of investment JISA accounts with product information provided by each brand
Click through to apply for your Junior Isa and start saving for your child's future
The best Junior ISA to suit you and your child will depend on a range of factors. Be sure you’re comfortable with the following...
With an investment JISA you’ll have to accept that the value of your savings pot can go down as well as up. Different funds and assets will have varying degrees of risk.
Some JISA providers will have a minimum investment requirement, such as £25 or £50 a month for example, for others it may only be £1. In some cases there may be a minimum lump sum investment.
You may want to consider a JISA with underlying investment funds or assets that are ethical or sustainable. Many funds focus on ESG (environmental, social, governance) factors.
Check the annual fees or investment charges on different JISAs before you sign up as these can vary widely between investment ISA providers.
In the current tax year (April 2024 – April 2025), the Junior ISA allowance is £9,000. This annual allowance can be split between a cash junior ISA and a stocks and shares JISA.
Any adult (not just parents) can contribute to the account, provided the total amount does not breach the £9,000 annual limit.
Parents, grandparents, other family members or guardians can make a lump sum payment into the JISA or set up a direct debit into the account to make monthly payments. There is no requirement to add money each year. Payments can be started or stopped at any time.
There are a few terms and conditions of JISAs to be aware of, such as:
Children who have a government Child Trust Fund – CTF account – cannot also have a Junior ISA. But while you can’t have both, you can convert a Child Trust Fund into a Junior Isa.
The parent or guardian needs to open the account, but the money belongs to the child and is tied up in the JISA until they turn 18.
Your child can legally take control of the account from the age of 16 and choose their own investments if they wish.
You have no control over the money once the child gets access to the JISA funds at the age of 18. The child is free to spend it or convert it into a normal adult ISA, for example.
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To open a JISA on behalf of a child, the child needs to be under 18. You must live in the UK.
If the youngster was born after January 3, 2011, you can open an account. (If they are aged 16 or 17, they can open it themselves).
Any child born before January 2, 2011, will have been automatically signed up for a Child Trust Fund (CTF) by the Government. But you can convert a CTF into a JISA if you wish.
Parents, grandparents, relatives, friends, legal guardians – and any adult, in fact – can make contributions into a JISA, provided the £9,000 limit is not breached.
The Government used to make contributions to child trust funds – CTF account, but it does not contribute to JISAs.
As with adult ISAs, if you do not contribute the full amount in any one tax year, you cannot carry the allowance forward: it’s a case of ‘use it or lose it.’
You can transfer between JISA providers – if the new provider accepts transfers. But if you choose a new provider, you’ll need to transfer all your JISA funds from previous years. You cannot leave earlier contributions with the old provider.
It’s vital you contact your new Junior ISA manager to arrange the transfer, and do not do this yourself. If you simply shut down the account you will lose the JISA’s tax free status.
You can compare savings accounts using a number of factors. These include the interest rates they offer as well as how long the rate will last, the amount you might need to deposit in order to open the account, and how you can access the account. Once you’ve decided which account you want, simply click through and you’ll be taken to the provider’s website.
Not sure what type of account to go for? Our Savings Decision Tree can help you decide.
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