Hello,
I have just set up Junior ISAs for two of my children and at the time of my application for them online, (did this on 13th April 2021- 8 days ago) I put in bank details and a specific set £ amount (initial one off payment/balance) to transfer their monies straight into their ISAs. Does the initial first balance amount I put on the application go through automatically as it is still in their existing bank account at present? Or was this just to give me an idea of how much I/they have left to pay within their £9K tax free limit and not actually a sum of money being transferred at the time of the application as I would need to do this after the ISA's account has been registered and set up?
What I dont want to do is find that this amounts is pending behind the scenes and that it takes a period of 5-7 days or something (as not able to see it via the old bank account to see if its been taken out or when this will happen) and if I were to try and make the same amount of transaction to transfer again today and then end up finding I have overdrawn accidentally as there are bank charges for this as the ISAs will end up having double the balances (for example I put on the form £2K each to transfer = totallling £4K...but with doing it after the account is set up and transferring again (as not knowing if its already pending), each child then end up with £4k each (£8K! which will go overdrawn as there is only £4K in the old account anyways) which is not what I want to do as this is only a one off payment for each of them and then a regular smaller monthly payment of £50-100 per month...
Can anyone shed light on this and let me know how it works. As thought the ISAs would have withdrawn the set amount at the time of their online application...or was I supposed to do this again after the accounts is set up?
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JoeC
