As your child approaches their 18th birthday, they will be reaching that important milestone of their life into adulthood – where they will also have the option to access to the money in that has been saved in their Junior ISA.
We wanted to let you know what happens before they reach age 18, including their options, our process and what you could help them with.
Before your child reaches 18
We will send a letter to your child 4 weeks before their 18th birthday informing them about their Junior ISA – which also includes a link to a webpage providing them with more information about Junior ISA Maturity.
They can create their MyPlans account from age 15 – and view their Plan value, past performance, their details (most can be updated online) and have access to resources to help them learn more about their Junior ISA, investing and Foresters.
If your child’s Junior ISA was originally a Child Trust Fund (CTF) they may become aware of CTFs before their 18th birthday from their friends and the information HMRC provides them with their National Insurance number, which is sent before their 16th birthday.
At age 18
On their 18th birthday your child’s Junior ISA will mature and automatically roll into an Adult ISA.
At this point they will be the person responsible for managing the Plan, as stated by the Government. This means you will no longer be managing the Plan, and therefore cannot make any updates. Further contributions from yourself and family can no longer be made, until your child signs an ISA declaration – this is easy and can be done online by making a contribution.
If you are the Registered Contact, you will receive the final statement on their 18th birthday. Going forward any Plan value information can only be shared with the Planholder, your child. We will not disclose this information with anyone else – no matter how long they have been contributing to the Plan for.
If you are the Registered Contact, or any payer has a MyPlans account, when your child turns 18 you will no longer see the Plan online.
Please note if you have a standing order set up to the Junior ISA you will need to cancel once they are 18.
Checklist
✔ Details
Check your child’s details with us are up-to-date. Your child can update their details on their MyPlans account. As the Registered Contact you cannot make any changes to the Plan once your child is 18.
✔ Email address
Your child will need their own email address to set up their MyPlans account.
✔ Bank Account
If your child wishes to take some or all of the money, they need to have a bank account in their own name. Your child is the only person who is entitled to the money, and therefore it cannot be paid into anyone else's bank account. Find out what happens with a withdrawal >
Staying safe online
We take the security of yours and your child’s personal details, personal and financial information very seriously. No matter how sophisticated our controls are, we can’t do it alone.
Ensure your child avoids sharing their Plan details, or their MyPlans account via messages, images and/or videos online, including social media. This information can be viewed by the public, which could include criminals who will take advantage of your data. Here are some tips to keep safe online and prevent fraud >
Your child's options
We know that most children will be looking to their parents for support and guidance, so we hope the information on this webpage will cover off any question they may have for you.
Save and access
Continue to save in the Stocks and Shares ISA, add contributions and make withdrawals when they wish.
Withdraw all
Withdraw all the money, which will close the Plan.
FORESTERS FINANCIAL
Looking after your child's savings
Service to suit you
We’re ready to help. Whether that’s online, face-to-face, by email, post, or over the phone, the choice is yours.
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In the UK we provide over 3 million members and customers with financial solutions for all stages of life.
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What should my child do?
There are many factors which may persuade your child towards the direction that they choose, and the decision is theirs, however they are likely to look to you for guidance.
The money could be put to good use to help purchase a first car, go towards university costs, or even travel the world. However, when there is a savings pot, the concept of saving is even easier! Continuing to save, in a Stocks and Shares ISA, means the money could help your child’s savings go further towards future milestones as an adult, and by saving in a Lifetime ISA towards something more specific (home or later on in life). And they also have the option of making a withdrawal at any time, so if they do want access to some money for a treat or towards a cost now, they can do both.
Want more information?We offer a financial planning service, where our Financial Advisers can provide more information about the options available and our ISA. Our Financial Advisers do not charge for any advice given. Talk to a Financial Adviser >
Further Junior ISA maturity questions
To access the money from age 18, when they login to their MyPlans account they will be able to make a withdrawal under the allowance square (below the Plan performance graph).
Your child will need to have a bank account in their name, as the money belongs to them and therefore cannot be paid into any other account.
We will do some checks to make sure that the bank account belongs to your child. However if we are unable to automatically do these checks, we will require a bank statement of your child’s bank account, dated within the last 12 months. Please note that although we accept electronic copies in image format, we cannot accept a screengrab – best way is to download this as a PDF. Our Customer Services team will then manually verify these documents.
There are several ways your child can obtain a bank statement:
- Download a PDF bank statement from online banking
- Visit a local branch and ask the bank to print out a bank statement
- Contact the bank provider and request a paper bank statement to be posted to home address
When the bank account is verified the withdrawal will be processed. This can take between 3-5 working days. If the payment is being made to an international bank account, once approved it can take 10-14 days to appear in the bank account.
These checks are put in place to ensure your child’s money is protected, so please bear with us whilst we process the request.
You and your child can make contributions to their ISA straight away – through their online MyPlans account by selecting the ‘Add money’ button.
If we are unable to verify the payer we will also require personal identification, where you will need to provide a form of ID, as well documentation such as a utility bill.
Your child will be able to add the Lifetime ISA element. They will see this on their homepage or by the three dots on their ISA details on their homepage.
They can move money from their Stocks and Shares ISA and/or add new contributions.
Please contact Customer Services Maturity team who will be able to advise you on the process and next steps. 0333 600 0333
What is an ISA?
An Individual Savings Account (ISA) is a popular way to save tax-efficiently – meaning there’s no tax to pay on any growth or income earnt from the investment.
Every tax year starting 6th April, your child can save up to the annual ISA allowance. This is set by the Government and is currently £20,000 this tax year. Why not also start saving for your own future in our ISA >
What ISAs do Foresters offer?
We offer a Stocks and Shares ISA and a Stocks and Shares Lifetime ISA.
Our ISA is the only one on the market that gives the option to combine both a Stocks and Shares ISA and Lifetime ISA in one Plan. Contributions start from as little as £20, up to the £20,000 contribution allowance, of which £4,000 can be saved into the Lifetime ISA. Investment decisions are made on your behalf by the fund managers at Schroders - so no need to worry about making any investment decisions
Stocks and Shares ISA
A Stocks and Shares ISA is a tax-efficient savings account which allows your child to save up to £20,000 this tax year. By investing in a Stocks and Shares ISA, there is potential for growth which doesn’t count towards the overall tax allowance.
If your child is investing for the medium to long-term, our ISA may be more suitable for them. Investing in an ISA could offer more potential for growth rather than saving in a bank or building society account, where inflation could eat away at the interest made.
Our Stocks and Shares ISA
Lifetime ISA
A Lifetime ISA is available to any UK resident aged between 18 and 39. It was introduced by the Government to help first-time buyers get on the property ladder and/or to build additional savings for later on in life.
The Government offers a 25% bonus added to all amounts invested into the Lifetime ISA element, up to the maximum £4,000 each tax year, meaning the Government will contribute up to £1,000 each tax year, or £1 for every £4 saved.
Our Lifetime ISA
Choose the type of ISA
Stakeholder ISA
- The choice of 2 funds - Invest all the money in one fund or split between the two. You can make a fund switch at any time.
- Both funds consider ESG factors, with different investment approaches and outcomes for sustainability.
- The funds are actively managed by the professionals at Schroders.
Learn more about the Stakeholder ISA
ISA Important information KID KID
Shariah ISA
- Invests in a Shariah compliant global fund.
- The Fund avoids prohibited Islamic investments which the appointed Shariah Supervisory board and Shariah Adviser makes sure the investment aligns with your beliefs.
- The fund is actively managed by the professionals at Schroders.
Learn more about the Shariah ISA
Shariah ISA Important information Shariah KID
As with all stock market investments the value of your ISA can fall as well as rise. Tax treatment depends on individual circumstances and may be subject to change. A Lifetime ISA must be held for at least 12 months before using it towards the purchase of a first home. By saving into a Lifetime ISA instead of a workplace pension, you could lose the benefit of employer contributions and the value could affect any entitlement to means tested benefits. If you make a withdrawal before age 60, other than to purchase your first home, you will pay a government penalty of 25% on the withdrawal amount, and you may get back less than you paid in.
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