A GoHenry Stocks & Shares Junior ISA matures to an Adult Stocks & Shares ISA when your child turns 18. This means they’ll be legally responsible for managing it and you will no longer be able to access it.
You can help your teen get ready for this exciting step into financial independence by including them in the process and talking with them about their options.
Get them set in 3 steps:
1. Discuss maturity options
2. Explain access changes
3. Confirm their details
Talk about their options
Your teen has three options: they can continue investing, change to a Cash ISA or withdraw their funds.
- Continue investing?
GoHenry doesn’t offer an Adult Stocks & Shares ISA that your teen can contribute to when they turn 18. If they want to add new investments, you need to transfer their Junior ISA to another provider before they turn 18, or they can transfer it themselves once they're 18. If the ISA stays on GoHenry, the existing funds will remain invested but your teen will not be able to add new contributions.
- Change to Cash ISA?
If they want to stop investing and change to savings where they’ll earn interest on their funds rather than invest for potential growth, you can transfer their Junior ISA to another provider that supports Adult Cash ISAs before they turn 18. Or your teen can transfer it once they are 18. GoHenry doesn’t offer Adult Cash ISAs.
- Withdraw funds?
If they decide to withdraw their pot of money, your teen will need to contact us when they’re 18 with bank account details in their name. For security, they’ll need to provide ID, a passport or full driver’s licence. They cannot withdraw funds to their GoHenry card.
Explain access changes
When your teen turns 18, you will no longer have access to the ISA and we’ll communicate directly with them.
This means:
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If you're a current GoHenry member, the Junior ISA will no longer be available in your parent app
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You will stop receiving communication and reports
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Contributions will be disabled the week before they turn 18
For your receords, if you're a current GoHenry member, you can email documents and statements from the account details section on the Junior ISA before your teen turns 18.
Confirm their details
Ensure your child’s address, date of birth and name on the account are correct. Without this, your child will need to provide additional documentation.
Additionally, we’ll need their email so we can share important information about their ISA when it matures. We won’t use this for marketing.
If any of these details need to be updated please call us on: 0330 100 7676.
Don’t worry, we’ll be in touch with you before your child turns 18 to make sure everything is ready for them.
Note
If your child is not able to manage their account when they turn 18 then please consult the official HMRC guidance here.
The value of your investment can go down as well as up. Tax treatment depends on your individual circumstances and may be subject to change.
For informational purposes only.
The information provided is not intended to be investment, tax or legal advice - nor does it claim to be comprehensive. Speak to a professional, if you're unsure about whether investing is right for you. We do not endorse any third parties referenced.
Junior ISA rules and terms and conditions apply. Investment services are provided by GoHenry Family Finance Limited, an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 574048).
