2 or 1 ISA’s?

[snobetter]

I have 2 children and am looking at isa’s. I will not exceed any annual limits, is there any benefit to having 2 junior isa’s as opposed to one standard one and us withdrawing the relevant amount when they come of age? Thanks.

[Pilotguy]

Yes, one problem it won't be your money to withdraw when they "come of age". When the JISA ends it's their money.

[snobetter]

Sorry I meant if I went with the one option it would be a standard isa in my name.

[Jules Sunley]

I'm an IFA and when clients ask me this generally I'm not a fan of JISA's due to the lack of control of what the children spend it on when they can withdraw and lack of access in the interim - ie you may want them to use the money for something sensible and they may want a motorbike etc. If not already using your own ISA allowance then use that first and just mentally allocate to the kids. One downside, if you die it will be deemed your money and liable to IHT whereas of course a JISA is theirs (post gifting allowances) so try not to die young

[snobetter]

Thanks for that, makes sense

[Jules Sunley]

snobetter said:

Thanks for that, makes sense

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