Our Junior ISA Top Picks
By Mike Narouei, Content Producer at Boring Money
9 July, 2021
Click the logos to read 100% independent expert analysis and hundreds of customer reviews. Or scroll down to find out more about how junior ISAs work.
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What is a Junior ISA?
These tax-free savings accounts allow you to build up a nest egg for the kids. You can open a cash one or a stocks & shares one and anyone can pay into this until your child’s 18th birthday. To be honest, if you're saving for at least 10 years (ie if Junior is 8 or under) then sitting in cash for this long and not harnessing your lot to the world's leading companies is a bit pointless......
£50 a month adds up!
If you can spare £25-£50 a month, or have a lump sum of about £500, you can usually set up a JISA.
These make sense for higher-income earners looking to keep as much away from the taxman as possible. You can use your adult ISA allowance of £20,000 x 2 AND the Junior ISA allowance of £4,260 per child. That's a big annual stash to shield from the tax man.
Over the long-term, shares will typically do better than cash. If your child is under 10 you really should be at least considering the stock market for these long-term savings.
Give them a headstart with uni fees or driving lessons when they turn 18
Start with as little as £25 a month
Use a pre-packaged option which removes the anxiety of you choosing the investments
Great alternative to plastic tat at Christmas and birthdays
Get the kids involved – teach them about the stockmarket