FREQUENTLY ASKED QUESTIONS

Here are the answers to the questions we’re most commonly asked.
If you can’t find the answer you are looking for, please feel free to email us at [email protected]
Here are the answers to the questions we’re most commonly asked.

If you can’t find the answer you are looking for, please feel free to email us at [email protected]
  • FAQs
  • >    JISA Account Type

What is a JISA?

A JISA (or Junior ISA) allows you to save up to £9,000 a year for your child’s future in a tax-efficient way.

There are two types of JISA’s:

A Stocks & Shares JISA which invests in financial markets. No tax is paid on any returns or dividends received.

A Cash JISA is a tax-free savings account that earns interest. Silo does not offer a Cash JISA.

Anything saved into a JISA belongs to your child, however they will only get full access to it once they turn 18, at which time it converts into a regular Stocks & Shares ISA.

Can I transfer my Child Trust Fund to a Junior ISA?

Yes. If you would like to transfer a Child Trust Fund contact us at [email protected]

Please be aware that you are unable to have a Child Trust Fund and a Junior ISA open at the same time.

What are your fees?

There are two separate charges that affect your account. We have called these fee A and fee B.

Fee A is the cost of powering Silo. You'll pay 0.75% of the value of your investment portfolio, per year. We calculate and collect this automatically on a monthly basis.

Fee B is the fund manager cost, estimated between 0.2%  and 0.5%. It is automatically deducted from the value of your investments by the Fund Managers managing these individual funds in your plan.

Can I move money between Junior ISA’s?

Your child is only able to have one Stocks & Shares JISA open at a time. If you would like to transfer an existing JISA to Silo, please contact us at [email protected].

Can you withdraw money from a Junior ISA?

Money cannot be withdrawn from a child’s JISA until they reach 18 years of age. At this point, the account will automatically switch to a Stocks & Shares ISA account, and your child takes over control of their account. They can withdraw any amount from it, should they choose to.

Can I open a Cash JISA with Silo?

Can I open a Cash JISA with Silo?

Who can contribute to a Junior ISA?

Contributions toward a JISA must come from the bank account of the individual who opened the JISA.

If friends and family members want to gift money to your child’s JISA they can do so, but the contribution must be paid by you.

We are planning to offer the ability for family and friends to contribute towards a JISA in the near future.

Who can open a Junior ISA?

Junior ISAs can only be opened by an individual who has parental responsibility for a child who is under the age of 18 and lives in the UK.

You must have an account with Silo to open a Junior ISA, meaning you will be the Registered Contact for the account.

When your child turns 18, they will become the Registered Contact and their JISA will transfer automatically to an ISA. This means they can keep investing in their ISA, transfer it somewhere else or withdraw some or all of it.