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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 £4,080.
Our Junior ISAs are opened and managed online and if you already have an AJ Bell account, you can link your family accounts together through our platform for easy management.
The money cannot be accessed by anyone until the child reaches 18 but as soon as they reach 18 your child will have full access to the account, so you need to be sure they understand the value of what has been saved for them.
You can open a Junior ISA for your child as long as they did not qualify for a Child Trust Fund previously, or if you intend to transfer the Child Trust Fund immediately after setting up the Junior ISA.