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Review of the Halifax, Junior ISA:

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Terrible Junior ISA Rates

Currently have a Halifax Junior Cash ISA, as an investment for my children's future. When I initially invested in the cash ISA a rate of 6% was offered to encourage child savings at a time the BoE rate was 0.5%, this is on the provision that the funss cannot be withdrawn until the child turns 18. Over the years Halifax has dropped the rate offered on the ISA until the rate was below the BoE interest rate of 0.1%. In 2023 the BoE Interest rates have now risen to 4.25% yet Halifax only gives 2.75% on the Junior Cash ISA. The funds are effective lock in the child's account until the child turns 18, during this time Halifax are profiting from the children's funds by offering a rate significantly below BoE. The Junior ISA initially set up to help save for children is now a cash cow for the banks. Unfortunately Halifax is not the only mainstream bank providing the disservice however they are the bank I have been since I myself was a child. I will be exercising my right to transfer my children's funds to a Junior ISA with another bank with an interest rate much closer to BoEs interest rate, in the new tax year. Reviewed on: 4th April 2023

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