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What happens to your Junior ISA when you turn 18?

Written by Ines Pena

When you turn 18, your Junior ISA (JISA) will “mature”. This means it becomes an adult ISA and you can access the money that’s been saved for you.

If you've already spent this money in your head - we get it. But you also have the option to put some or all of this money away for your future.

There are three main things that will happen to your JISA on your 18th birthday:

Your JISA will automatically become an adult ISA. It'll continue to be invested, so its value can still go up or down, but you won’t be able to pay any more money in.
The person named on the JISA will become the Registered Contact. Legally, we won’t be able to speak to your parents about your JISA anymore.
The exciting bit – your money will become available for you to move or withdraw!

What can I do with my Junior ISA at 18?

That depends on your future goals! No matter how much money you have in your JISA, it could start you off on the path towards the future you want. So it’s worth considering your next move carefully.

What you can do with your matured Junior ISA:

Keep investing your money

By moving it all into another product, like our Lifetime ISA to save for your first home or our Stocks and Shares ISA to save for other future goals (or both). Once you’ve transferred your balance, you’ll be able to pay money in again.

Just so you’re aware, if you do decide to move money into a OneFamily Lifetime ISA or Stocks and Shares ISA, it won’t be possible to keep any money in your matured Junior ISA.

So, you’ll need to transfer all your money into your new ISA or simply withdraw any that don’t want to invest. We’ll then close your matured Junior ISA.

Invest some, spend some

By transferring some of your money into another investment product, like our Lifetime ISA or Stocks and Shares ISA (or both) and withdrawing the rest.

Leave some, spend some

Decide on an amount to withdraw now and leave the rest where it is while you decide.

Withdraw all your money

It’s a good idea to plan what you’ll do with your money if you do choose this option. It’s easy to spend money that’s in your current account without thinking about it!

Don't panic, there’s no rush to make a decision straightaway. You can leave your money where it is while you decide.

The money will stay invested in a fund which means its value will continue to change due to stock market fluctuations and it could increase or decrease in value.

How do I access my Junior ISA money?

If your JISA is with OneFamily, simply log into your online account or register for one if you haven’t already.

There you’ll see options to move money into our Lifetime ISA, our Stocks and Shares ISA or withdraw it. You’ll be able to decide how much money to put in each option.

You'll need your National Insurance number to create your account. If you don’t have it, don’t worry, here’s how you can find your national insurance number.

What happens to my Junior ISA when I turn 16?

Your JISA won’t change. The money will still be locked in, will continue to be invested in the same fund and it'll still be possible to pay money in.

However, at 16 you’ll have the option of taking over as the Registered Contact. That means you’ll be in charge, and we’ll start sending information about your JISA to you and not to your parents.

Simply register for an online account to take over.

Your options for reinvesting your Junior ISA for your future

If you’re thinking of keeping your money invested with us, you’ll be able to move money from your Junior ISA into our Lifetime ISA or Stocks and Shares ISA (or both) through your online account.

Lifetime ISA: get up to £1,000 extra towards your first home each year

Our Lifetime ISA could be a great option if you’re thinking of buying your own home one day.

The big advantage is that the government tops up everything you save by an extra 25%. If you pay in the maximum £4,000 each year, that's £1,000 extra per year towards your first-home deposit!

Put another way (as we don't all have £4,000 to put away each year!), for every £100 you pay into your lifetime ISA, you'll get an extra £25 on top.

This extra bonus money could really help supercharge your first-home deposit fund. For many young people, this can really help make owning their own home one day a possibility.

Lifetime ISA rules you need to be aware of

If you don't use your lifetime ISA the way the government intended, you'll have to pay a 25% withdrawal charge. This could mean you end up with less money than you put in.

To avoid the withdrawal charge, you'll need to stick to these lifetime ISA rules:

Use your lifetime ISA towards your first home, or wait until you're 60 to withdraw the money (you can do what you like after 60).
Wait 12 months after your first payment into your lifetime ISA before using it to buy your first home.
Buy a property worth £450,000 or less, that you plan to live in and will buy with a mortgage.

Lifetime ISAs aren't for everyone. But if you're serious about buying your first home one day and you're confident you can stick to the rules, it can be a game changer for getting your own place one day.

Like your OneFamily Junior ISA, our Lifetime ISA invests in stocks and shares, the value of which can go up and down so you could get back less than you put in.

Stocks and Shares ISA: invest in your future goals

Whether you've got loads of plans or you're still unsure, investing in our Stocks and Shares ISA could get you on your way.

You can start from investing up to £25 per month, and you can invest up to £20,000 each tax year.

Although the government doesn’t add anything to your savings (like they do with lifetime ISAs), it also doesn’t charge you a withdrawal fee. So you're free to take out your money whenever you want, for whatever you want.

Like your OneFamily Junior ISA, our Stocks and Shares ISA invests in stocks and shares, the value of which can go up and down so you could get back less than you put in.

Ready to decide what to do with your Junior ISA?

If you've turned 18, welcome to adulthood! This also means you can decide how you want to use your Junior ISA for your future.

Once you've decided - and remember, there's no rush - simply log into your online account or register for your online account if you haven't done so already. You'll see your options in your online account.