Everything you need to know about Junior ISAs (JISAs)

Considering opening a Junior ISA for your child? Here's everything you need to know about JISAs.

Here’s everything you need to know about these tax-free savings accounts.

What is a JISA?

JISA stands for Junior Individual Savings Account. There are two main types of JISA:

  • Cash JISA
  • Stocks and shares JISA

JISAs, just like ISAs, are tax-free savings accounts. However, JISAs are only available for children aged 17 and under. The money in a JISA cannot be withdrawn until the child turns 18, although there are some exceptions to this.

Are there different types of JISAs?

There are two main types of JISA:

  • Cash JISA: a cash JISA is similar to an adult cash ISA, although the money cannot be withdrawn until the age of 18. Cash JISAs can be paid into at any time and the interest you earn is free from tax up to the limit of £9,000

  • Stocks and Shares JISA: funds saved in a stocks and shares JISA are invested and can move up and down with the stockmarket. 

What are the JISA limits and allowances?

At the time of writing, the JISA allowance is £9,000 per tax year (the tax year renews on 6 April each year). Your child can one or both types of JISA, but only one of each type. If your child has more than one JISA, the combined allowance is still £9,000. 

Once the new tax year kicks in on 6 April, you get a brand new JISA allowance. Any unused allowance from the previous tax year will not roll over – so if you don’t use it, you lose it!

Can funds be transferred between JISAs?

Yes, you can transfer savings between your child's JISAs, for example if they have a cash JISA and a stocks and shares JISA. You cannot transfer savings from a JISA to an adult ISA.

Who can open a JISA?

Parents and guardians can open a JISA for children aged under 16. Children aged 16-17 can open and manage their own JISA, but only those 18 and over can open adult ISA under the new ISA reforms, which come into play in April 2024.

Talk to us about our Junior ISA (JISA)

If you would like to discuss opening a cash JISA for your child, book an appointment with one of our helpful Qualified Savings Advisers here. You can also learn more about our JISA and other children's savings accounts here.

*Figures correct as of February 2024.

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