Frequently Asked Questions

1. What is the Junior ISA (JISA)?
2. Can I open a Junior ISA by phone, post or online?
3. Can I open a Junior ISA for my other children who were between September 2002 and January 2011?
4. How much can I put in a Junior ISA each year?
5. Who can contribute to a Junior ISA?
6. Do I have to pay tax on the money in a Junior ISA?
7. Can I take out the money I have put in if I need it?

What is the Junior ISA (JISA)?
The Government introduced the Junior Individual Savings Account (Junior ISA) on 1 November 2011 as a means of helping parents save for their children's future.

The Junior ISA is a type of long-term savings and investment account for children who did not qualify for the Child Trust Fund, born before 1st September 2002 or after 1st January 2011.

Unlike the Child Trust Fund voucher scheme, the Junior ISA will not have any contribution from the government.

There are two main types of Junior ISA account:

• A Stocks and Shares (Investment) Junior ISA
• A Cash Junior ISA
  

Can I open a Junior ISA by phone, post or online?
How you open the account will depend on the Junior ISA provider. Click here to see our detailed Junior ISA comparison tables.

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Can I open a Junior ISA for my other children who were born between September 2002 and January 2011?
At present, a Junior ISA can only be opened by children who were not eligible for the Child Trust Fund scheme. While there are no plans to merge the Junior ISA and Child Trust Fund, the Government has not ruled out considering this in the future. In the meantime, there are plenty of other savings and investment accounts for children, such as Children's Tax-Exempt Savings Plans which can be held in addition to a Junior ISA.

How much can I put in a Junior ISA each year?
The maximum that can be put into a Junior ISA each year is £3,600.

Who can contribute to a Junior ISA?
Anyone can contribute. Grandparents, other family members, friends and in time your child can put money into a Junior ISA.

Do I have to pay tax on the money in a Junior ISA?
No, neither you nor your child will pay tax on any interest or gains made on the money in a Junior ISA.

Can I take out the money I have put in if I need it?
No, the money in the Junior ISA belongs to your child. Only they can withdraw money from the Junior ISA, which will default to a standard (adult) ISA at the age of 18. At 18, they can decide how best to use their Junior ISA savings.

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