01244 950 304

Can I open an ISA for my children?

Children under the age of 18 are entitled to have an ISA account - called a junior ISA and works pretty much in the same was as a standard cash ISA.

However, if your child already has a Child Trust Fund (children born between 1st September 2002 and 2nd January 2011) they will not be eligible - junior ISAs were set up to capture those children born once the government-led scheme had expired.

Unlike the Child Trust Fund, the government does not contribute to junior ISA accounts - they must be set up by the parents and will be managed by the parents until the child reaches the age of 16, when they are free to take over the management of the account.  Although they will not be allowed to touch the money until they reach the age of 18, as the money is locked in until then. 

At the age of 18, the account holder may choose to cash in the value of the ISA or it will roll over into a standard cash ISA.

The personal allowance limits differ slightly from a standard cash ISA.  The limit in 2014/15 for a junior ISA is £3,840.

Compare ISAs

Speak to an adviser

Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable leader and product for your needs.

01244 950 304

Expert advice from our in-house advisers

What would you like to discuss?

By submitting your details you are agreeing to be contacted by a SoSmart Money adviser who will be able to discuss your requirements, and that you agree to the terms of our Privacy Policy.

Why SoSmart Money? aled

" SoSmart Money are specialists when it comes to mortgage and insurance advice..."

How can we help you?

SoSmart Money are specialists when it comes to mortgage and insurance advice. Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable lender and product for your needs.

Speak to one of our experts for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.

trust pilot

"Matthew at So Smart found me the best deal for my first Mortgage, he was extremely helpful! I would highly recommend this company!"

"I've been looking to switch mortgages recently to secure a better rate and the guys at So Smart Money helped me do just that."

"My mortgage enquiry was dealt with swiftly and professionally. I would highly recommend So Smart Money to others."

"I've used sosmartmoney a couple of times now, I checked my old mortgage with them and it encouraged me to get a better deal."

awards

Winner of AI Finance awards 2015 for:
Best personal finance comparison site &
Best online price comparison platform

FAQs
  • How do SoSmart Money make their money?
  • Which products can I compare with SoSmart Money?
  • Who are SoSmart Money?
  • What lenders do you compare?
  • Will I be contacted by other companies?

latest news View All News

Sign up to our newsletter