Considering opening a Junior ISA for your child? Here's our quick and easy guide to understanding these tax-free junior savings accounts.
What is a Junior ISA?
A Junior ISA (JISA) is a tax-free savings account for children under 18 who live in the UK. JISAs can be managed by your child once they reach 16, but they cannot withdraw money until they turn 18.
Are there different types of JISAs?
Yes! There are currently two types of JISAs:
- Junior Cash ISA.
- Junior Stocks and Shares ISA.
Your child can have one stocks and shares ISA and one Cash ISA, but not multiple of each type.
Both offer a tax-free savings allowance of up to £9,000, however, with a Stocks and Shares JISA, the value of investments can go down as well as up.
What are the JISA limits and allowances?
The total amount you can pay into a Junior ISA each year is £9,000 (renewing with the tax year on 6 April each year) combined.
If your child has a Junior Cash ISA and a Junior Stocks and Shares ISA, the limit is still £9,000 across both - not £9,000 in each.
Can funds be transferred to a new JISA?
Yes - you can apply to transfer money to a new between Junior ISAs in your child's name, but it must be the complete balance. You can't transfer funds between an adult and a junior ISA.
Who can open a JISA?
Parents and legal guardians can open a JISA for children aged under 16. 16–17-year-olds can open and manage their own Junior ISA. When your child turns 18, their Junior ISA will become an adult ISA.
Talk to us about our Junior ISAs
To discuss opening an ISA for your child, book an appointment with one of our helpful savings advisers here.
*Correct as of February 2025.
