
There are some rules regarding JISAs:
- The parent or guardian of the child must set up the JISA. Once this has been done, anybody can contribute to it
- The maximum amount that can be accumulated in the 2019-2020 tax year is £4,368
- Flexible investments can be made, either through regular contributions or as a lump sum
- The money can only be withdrawn by the account holder upon turning 18 years old
- If the money still remains in the child’s account after the age of 18, the account will automatically transfer to an ISA
- A change to the law now allows parents to transfer Child Trust Funds to Junior ISAs