Our daughter is now 19, can we open and fund a standard ISA in her name?
13 February 2023
Question by Nick
Our daughter is now 19, we have been putting money into a Junior ISA - As she is now 19 can we open and fund a standard ISA in her name - we would like to give £20k this year and £20k next.
Answered by Boring Money
Normally her Junior ISA would automatically convert into a regular adult ISA at 18 so it is worth checking with the provider as this may have already happened.
Some ISA providers will allow you to contribute £20k into her ISA each year and some will require the money to come from her bank account directly, for anti-money laundering purposes. Please check with her ISA provider what their requirement is. If it has to come from her bank account, you can transfer it to her and then she can transfer it into her ISA.
You are correct that you can contribute £20k per tax year.
I hope that helps and please feel free to get in touch.
FPFS, Cert SMP, FCA
Chartered Financial Planner