19 Apr 2019

Why You Should Open a Junior ISA For Your Child


As parents, we all want what's best for our children, especially their future. If you're like me, then you live for the moment, but you also look ahead and wish the kids are better future than you've had. My partner and I have spoken about our children's future many times and what we'd like them to achieve, such as passing their driving test, buy their own home or have a savings account to help them out during emergencies. This is where a Junior ISA comes in great. There are many great reasons to set up a Junior ISA for your child if you're not sure what a Junior ISA is, you can find out more here.

1. Locked until the child turns 18 years old
One of the best reasons to get a Junior ISA account over a savings account for your child is no one can gain access to the account until the child themselves turn 18 years old. Once the child is 18, only that child can gain access to the account and money. This also means that before the child turns 18, no one, not even the parents, can withdraw any cash from the account.

2. Anyone can contribute
As children get older you may realise that they may start to get money instead of presents on birthdays. Although it's only the parents who can open the Junior ISA account on behalf of the child, anyone such as a family and friends can contribute and add money to the account once it's been created. This would be great over special occasions such as Christmas and birthdays.

3. Helps with the future
A Junior ISA is perfect for the child once they have turned 18 years old. The money saved throughout the years can go towards important things such as University fees, getting your child on the property ladder or maybe help them achieve their dreams such as starting a new business, passing their driving test or maybe even travelling.

Have you opened a Junior ISA for your child?

- This is a collaborative post.

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