What is a JISA?
JISA stands for Junior Individual Savings Account. They were launched by the government to help parents and guardians save for their child's further education or simply to give them a helping hand when looking to leave home.
Like the grown-up version, a JISA can hold investments and cash while allowing investment gains and income to grow without having to pay anything away to the tax man. When the child turns 16, they can open and/or manage their JISA and at 18 they have full rights to the money, it's theirs after all! Once the money goes in it becomes the child's.
Who can setup/fund a JISA?
A JISA account can only be opened by a parent or legal guardian for children under the age of 18. Once the account is setup, it can be funded directly by friends and family so long as the annual allowance is not exceeded! (£4,1260 for the 2018/19 tax year). You can obtain your child's JISA account details to provide to family by heading to your Funding page on a desktop and submitting a bank transfer. By doing this, you will receive our Wealthsimple bank details, sort code, as well as your JISA account number which you will need to input in the reference field.