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What happens when a junior ISA matures?

October 2022

When you turn 18, your junior ISA “matures”, meaning you can now do what you like with the money.

Find out more about how the maturity process works, what to do to gain control of your money and what your options are.

Managing a junior ISA (JISA)

JISAs are tax-efficient savings accounts for children. They can only be opened by a parent or legal guardian for a child aged 16 or younger who doesn’t already have a Child Trust Fund (they must be 15 or under for a OneFamily JISA). The money is locked in for the child until they turn 18.

The person who holds parental responsibility for the child, usually the parent or legal guardian who opened the account, will manage the JISA until the child turns 16. At that point, the child can choose to take control of the account and become the registered contact, though they won’t be able to access the money until they’re 18.

Anyone can pay money into a JISA, including the child themselves if they have a bank account, but only the child will ever be able to take money out.

What happens to my junior ISA when I turn 18?

When you turn 18, your JISA “matures”, meaning it automatically becomes an adult ISA. This is when you gain control of the money in your account and can decide what to do with it.

The way the maturity process works can vary between providers.

If you hold a JISA with us, we’ll keep your parent or legal guardian informed every step of the way up until you turn 18 or until you take over as the registered contact, which you can do at 16. At this point, we’ll communicate with you instead.

When your JISA matures, we’ll get in touch with whoever the registered contact is to let them know your options.

We’ll then let you know everything you need to do when the time comes.

What can I do with my junior ISA when I turn 18?

Once a JISA matures, you can choose what to do with the money in the account. There are a few options available to you, and what you decide to do with your JISA is fully up to you.

  • You can leave your funds in an adult ISA.
  • You can withdraw the full amount from your JISA.
  • You can keep saving for your future by reinvesting the full amount in your JISA into another product with the same provider, like a stocks and shares ISA or a lifetime ISA
  • You can withdraw your JISA funds and reinvest them into another product with a different provider.
  • You can withdraw some and reinvest some.

Withdrawing your junior ISA funds

You might need the money to go to university or to buy your first car, so if you’re thinking about withdrawing the funds from your JISA you can easily do this when you take control of your account.

If you decide to take all or some of your money out when you turn 18, you’ll need to tell us by post that this is what you want to do. You’ll need to send us a copy of your ID if the amount in your JISA is £15,000 or more. We’ll then send you a cheque for the amount you chose to take out.

Using your junior ISA funds to reinvest in another product

If you’re thinking of reinvesting for the future, there are a few different options that could be useful to you.

A lifetime ISA could be a great choice if you’re thinking of buying a house. You’ll get a 25% government bonus, up to £1,000 each tax year, on top of any money you put in as long as you use it to buy your first home. Depending on how much you have in your JISA, you could be well on your way to owning your first home! It invests in stocks and shares, so the value of your money could go up or down, but it has good potential to grow in the long-term.

lifetime-isa

The OneFamily Lifetime ISA

With a 25% government bonus on investments of up to £4,000 per tax year and a choice of two climate-friendly funds, our Lifetime ISA can help you to get a foot on the property ladder, or start saving for your retirement.

Explore our Lifetime ISA

A stocks and shares ISA could be a good idea if you’re not yet sure what to save for but you’d like to keep growing your money in the meantime. It invests in stocks and shares, so the value of your money could go up or down, but it has good potential to grow in the long-term.

Stocks and Shares ISA

The OneFamily Stocks & Shares ISA

Invest for your future with our climate-friendly Stocks & Shares ISA, a tax-free, flexible investment which helps tackle climate change. Open your Stocks & Shares ISA in minutes.

Explore our Stocks & Shares ISA

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