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When the Government gives you tax breaks, you should take them with both hands and that applies to your children’s savings as much as your own. So if you are looking to put some money aside for your child to help with the costs of university, the deposit for a first house or simply give them a flying start, you should consider our Junior ISA.
Junior ISAs work in the same way as an adult ISA. The money will grow free of capital gains tax and there is no income tax to pay. Only parents or guardians can open a Junior ISA but anyone can contribute - perfect for grandparents or gifts. The current annual allowance is £4,260.
Our Junior ISAs are opened and managed online for easy management.
The Junior ISA must be opened by a person who has parental responsibility. This person will be known as the ‘registered contact’ and be responsible for managing the account.
The money can’t be accessed by anyone until the child reaches 18. But as soon as they reach 18, they’ll have full access to the account. That means you need to make sure they understand the value of what has been saved for them. If your child is 18 or over, you may want to consider a Lifetime ISA – to help them save for their first home or later life.
You can open a Junior ISA for your child as long as they didn’t qualify for a Child Trust Fund previously, or if you intend to transfer the Child Trust Fund immediately after setting up the Junior ISA.