Junior isa or savings account for kids?
I have 2 kids, a toddler and a baby, and want to open an JISA account or savings account but not sure which is better. Also, what happens to these accounts if we move abroad in a few years?
Any advice welcome!
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Junior ISA is better as you can invest in stocks that grows
I believe you should be able to contract support about withdrawing if you’re leaving the country
JISA is tax free but you will not be able to access funds until the child is 18, you get £9000 per year and that can go in either a stocks and shares or cash ISA or you can do a mix of both as long as you don’t surpass the £9000 for the tax year, if you do move abroad you won’t be able to contribute any more funds to the JISA, it will just have to sit there until the child is 18 and they won’t be able to open a new ISA unless they come back to the UK
a savings account you can have many different ones so it really depends on what you are looking for but for most of them if you’re able to manage over the phone or online you will be able to contribute to if you do leave the UK and depending on term and conditions, you can access the funds when you like so if you’re dead set on moving abroad i would go for a normal savings account x
We couldn’t decide so got both🤣 savings account I can see on my banking app, ISA is babies name and don’t have access unless I go into the branch to see how much is in there. We decided to put his child benefit into the savings one and then save separately in his ISA for when he is 18. X
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