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03.09.2024

The pros and cons of junior ISAs

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

The pros and cons of junior ISAs

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  • Having a pot of money ready for them when they turn 18 is a great way to give your child a helpful boost into adult life. But there are many different ways to save for your child's future and it can be hard to tell which option is right for you and your family.
What is a junior ISA?
  • JISAs are long-term, tax-free savings accounts for children. They can be opened for any child under 18 years old who doesn't have a child trust fund, but only by the child's parents or legal guardians. If a child does have a child trust fund, it can be transferred into a JISA.
  • You can put up to £9,000 a year into a JISA and anyone can pay into it. As the JISA is in the child's name, only they can access the money and only when they turn 18. At this point, they'll be able to decide what they want to do with the money.
What are the pros of junior ISAs?
  • There are many good reasons to open a JISA and start saving for your child's future. Making this decision early could give your child a boost at the start of adulthood by helping them to pay for higher education, driving lessons or even to take their first step on the housing ladder. Here are some of the main advantages of opening a JISA.
Junior ISAs are tax-efficient
  • When your child turns 18 and is able to take the money out of their JISA, they won’t pay tax on any interest or returns.
There’s more than one type of junior ISA
  • Stocks and shares JISAs invest your money in the stock market. They have good potential to grow over the long term but there's still a chance your child might get back less money than has been put in.
  • With cash JISAs your money is protected, since it isn't invested in the stock market. It will grow by earning interest like current accounts do.
Money in a junior ISA is locked in
  • The money you invest in a JISA is locked in, meaning it can't be accessed by anyone other than your child, and only when they turn 18. This means that you and your child can't be tempted to dip in early and the money will still be there when they reach 18.
Anyone can put money into a junior ISA
  • Although you can only open a JISA for your own child, anyone can pay into them – they don’t even have to be family! This makes it the perfect way for relatives or family friends to contribute to your child’s future, especially as a present on special occasions such as birthdays, graduations or Christmas.
A junior ISA can help reduce inheritance tax
  • A JISA can be a good way to reduce how much tax your child pays on their inheritance after you die. They won't pay any tax on the money their JISA makes, so if you’re putting money aside to leave to your child when you’re no longer around, you could put some of it up to £9,000 a year, based on the current annual ISA allowance into a JISA.
 
  • long term investment
  • Junior ISAs
  • Stocks and shares ISA
  • Cash ISA
  • Tax free investments
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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