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HSBC Junior ISA

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HSBC Junior ISA

A Junior ISA is an initiative by the government to encourage and help parents to save for their children’s futures. It was launched in 2011 and both tax-free savings and investment ISAs are available.

You’re able to have one of each type of ISA per child and transfers are permitted between the two or to a new provider, much like adult ISAs.

HSBC Junior ISA Review

HSBC Bank plc is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 7,500 offices in over 80 countries and territories in Europe.

HSBC do not currently offer a Junior ISA saver but do offer a child’s savings account which does not fall under the tax-free wrapper.

Find further information on junior ISAs below.

Who Can Open a Junior ISA?

ISAs can be opened by anyone who has parental responsibility for an eligible child. Management of the ISA passes to the child when they turn 16. However, funds remain inaccessible until the child turns 18, after which they can either withdraw the funds, or have their account roll over into an adult ISA.

It’s worth taking in to account that you no longer have any control over the money once they child receives it and therefore, if you have a specific savings goal for the money in mind then it may be best to open a savings account in your name.

What are the rules surrounding Junior ISAs?

Junior ISAs operate on a similar principle to regular adult ISAs. It's permissible to switch providers, but only one of each type of  ISA can be held by each child at a time. 

Unlike Child Trust Funds, Junior ISAs don't involve any Government contribution.

Each year there is a Junior ISA allowance. This allowance can either be put into a Junior cash ISA or divided between a Junior Stocks and Shares ISA and a junior cash ISA in whatever proportion you wish. The money will automatically pass to the child when it reaches 18 but no withdrawals are permitted before then.

What are the Advantages of Junior ISAs?

Junior ISAs provide parents, friends and family members with a convenient, tax-efficient way to save for a child's future

  • The money saved in a junior ISA stays tax-free once the child reaches the age of 18
  • The money is locked away until the child turns 18

If you want to save an annual amount for your child that generates over £100 in yearly interest, a junior ISA ensures that this interest isn't taxed

Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

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