Only a child's legal guardian (usually their parents) can open a junior ISA for them.
But friends and family can pay in to the junior ISA, helping to set them up for adulthood.
Let's look into some of the common questions we're asked about opening and paying into a junior ISA.
Can a grandparent open a junior ISA for their grandchild?
Only if they're the child's legal guardian.
You have to have "parental responsibility" to open a junior ISA for a child, which may include some grandparents.
Although most grandparents can't open a junior ISA, they can still help build their grandchild's future by paying into a junior ISA that a parent has set up.
Who can pay into a junior ISA?
Anyone!
They'll need the account number of the junior ISA and the child’s date of birth.
If it’s a OneFamily Junior ISA, we even have a helpful ‘Making a payment’ page, where they can easily pay in online. Or you can pay in using:
- Direct Debit (online, over the phone or using a paper form posted to us)
- Cheque
- Bank Transfer or Standing Order
- KidStart
So, whether you’re a grandparent wanting to pay into a OneFamily Junior ISA for your grandchild, an aunt looking for a meaningful birthday gift, or a generous family friend wanting to contribute, it’s easy to do so.
If your child's junior ISA is with another provider, your options for paying in may be different.
How much can you pay into a junior ISA?
Each tax year, up to £9,000 can be paid into junior ISAs under a child's name. If the child has a cash JISA and a stocks and shares JISA, that allowance is shared across both accounts.
Does the government pay money into junior ISAs?
Not usually.
Unlike child trust funds, the government doesn't pay money into most junior ISAs (there are some exceptions for children in care).
But the child doesn't pay any money to the government either. Junior ISAs are tax-exempt, so they won't pay any Income Tax or Capital Gains Tax when they move their money after they turn 18.
How many junior ISAs can you have?
A child can have up to two junior ISAs, one of each type: a cash junior ISA and a stocks and shares junior ISA. Up to £9,000 in total can be paid into their junior ISAs each tax year.
When can a child access their junior ISA money?
From their 18th birthday.
On this day, their junior ISA automatically becomes an adult ISA (Matured Junior ISA) and it will no longer be possible to pay any money in.
They'll then be able to choose to reinvest their money or spend it now.
How to open a OneFamily Junior ISA
At OneFamily, we make opening our Junior ISA as simple as possible. Choose one of three simple investment funds, set up your payment details and you're away!
Here are a few different ways you can set up a junior ISA with us:
Online
To get started simply choose which of our three investment styles is right for you, and we can get you set up immediately.
Transfer a Child Trust Fund
If your child has a child trust fund with OneFamily, or another provider, then you can transfer that money into a OneFamily Junior ISA.
Visit our Junior ISA transfer page to download the relevant transfer form. Or you can give us a call and we'll send one out to you.
Transfer a Junior ISA
If you already have an existing junior ISA with another provider you can easily transfer it to a OneFamily Junior ISA.
To start the process, visit our Junior ISA transfer page to download the relevant transfer form. Or you can give us a call and we'll send one to you.
What would you like to do next?
Find out more about junior ISAs
Our guides contain everything you need to know to about investing for your child's future in a junior ISA.
Transfer to OneFamily
Transferring a child trust fund or junior ISA from another provider to OneFamily is simple and we don't charge you to do so.
Open a OneFamily Junior ISA
Give your child more options when they reach 18 with our straightforward Junior ISA. Simply choose one of our three climate-focused funds to start investing on their behalf.
Our Junior ISA invests in stocks and shares. The value is therefore likely to go up and down over time.
This is normal for this type on investment, but it means there is a risk your child could get back less than has been paid in if they withdraw at a time when the value is lower.
