Junior ISA (JISA): Who Qualifies and What You Get
Learn how a Junior ISA helps children build tax-free savings that are locked away until they reach adulthood.
A Junior ISA is a tax-efficient savings account designed to help children build up a pot of money over time.
Who it's for
This scheme is available to children under the age of 18 who live in the United Kingdom.
What you get
You can save money into the account and the growth on those savings is tax-free. There is a limit on how much can be put into the account each year, allowing for up to £9,000 in annual contributions.
What it costs you
The primary trade-off is that the money is locked away. You cannot withdraw the funds until the child reaches the age of 18.
The catch to know
While you may be managing the account now, full control of the money and the account transfers directly to the child on their 18th birthday.
How to apply
- Choose a provider that offers Junior ISAs.
- Open the account on behalf of the child.
- Set up regular or one-off contributions.
- Check the official portal for more details: https://www.gov.uk/junior-individual-savings-accounts