Are there any low cost general investment accounts for children?
26 May 2022
Question by Richard
Are there any low cost general investment accounts for children? (They’ve used up their JISA allowance, but it would be good to start teaching them about saving a small amount of pocket money that they get!). It’s for small amounts of money (less than £10/month)
Answered by Adrian Kidd
It's great that you are doing these things and have started your children early on this journey of being comfortable with money and understanding how it all works and that it is not that complicated to handle.
You could use AJ Bell (I use them for my daughters investments and have a very good platform) but they have a minimum of £25pm which is higher than the sum you state but its a good option if you could top up to those levels.
Most of these regular savings investment accounts have that sort of minimum contribution, including Junior SIPPS (pension account).
If you cannot get to that contribution level then a regular savings account is a good idea. Saffron BS have an account that would be suitable that pays just north of 3% for the year and only requires £5 pm as a minimum. It needs to be opened via post or in a branch but that may be cool as you'll get statements in the post and could provide some excitement when they arrive at home and provide an opportunity to have a conversation around it.