Some Junior ISA’s will offer what is known as a ‘cooling off period’ which allows you to cancel within a certain time limit (14 days for example). If you cancel within this time then payments you have made will not count towards an Junior ISA subscription for that tax year and you are free to pay money into an alternative ISA for the same tax year.

If you decide to cancel after your cooling off period then any payments will count as an ISA subscription and you are then not permitted to pay into another Junior ISA of the same type for that current tax year. However, you are able to transfer your Junior ISA to another Junior ISA Manager.

At the Children’s ISA full details of this can be found in the Terms and Conditions which you can download here