What is a Junior ISA?
Whether you're saving for your child’s university fees, first car or deposit for a home, a Junior ISA could help give them a head start for when they reach 18. JISA’ stands for a Junior Individual Savings Account. It’s an investment that’s highly tax-efficient, which means you don’t need to pay tax on any money your child makes from it.
Here are the basics…
- Junior ISAs are a great way to put money away for your child. They’ll be able to access the money as soon as they turn 18
- Your child’s money is invested into funds, unit trusts, bonds, and shares in companies. If you’re willing to take some risk with your child’s money, Junior ISAs have the potential to offer higher returns than Junior cash ISAs
- You can decide the exact make-up of your child’s Junior ISA portfolio and change it whenever you like.
How much can you invest in a Junior ISA?
You can invest up to £9,000 this tax year.
This is the Junior ISA allowance set by HM Revenue & Customs (HMRC).
Why choose a Vitality Junior ISA?
Here's how we help you reach your financial goals faster
Lower product charges
From 0.45%, to as low as 0%, when you stay healthy.
Invest from £50 a month or start with £1,500 as a lump sum.
Range of funds
A range of ready-made portfolios that can be matched to your risk preference.
Trusted fund managers
Choose from world-leading fund managers – Vanguard, SEI Investments or Ninety One.
ESG fund options
Choose to invest in Vitality’s Environmental, Sustainable and Governance (ESG) funds.
Discounts and rewards
Get discounts on brands like Caffè Nero, Garmin and more. Earn regular rewards for staying active.
Top up as much or as little as you like, when you like. You can invest lump sums or regular monthly amounts.
Hassle free transfer
Tell us how much you want to transfer from your current provider and we’ll do the rest.
How to enjoy a product charge as low as 0%
We’re living longer. And we all want the wealth and good health to enjoy it. That's why we've combined wellness and savings. If you invest with us, and track your healthy habits, you could pay no product charge.
The more you look after your health, the lower your product charge. Charges start from 0.45% a year and can get as low as 0%.
This helps keep more of your money invested and gives it a better chance to grow. The healthier you are, the healthier your investments get:
- Start off on Bronze status with a product charge of 0.45% per year
- Track your activity whether that’s going for a walk, or a gym session to improve your status. The higher your status, the lower your product charge will be
- Work your way up to Platinum status and you could achieve a product charge as low as 0%.
More on our investment charges
Junior ISA FAQs
Who can open a Junior ISA?
You can open a Junior ISA as long as:
- You’re the child’s parent or legal guardian
- You’re aged 18 or over
- The child is under 18
- The child doesn’t have a CTF. If they do have a CTF and want to open a Junior ISA, you must transfer the entire CTF into the Junior ISA
- Your child is a UK resident
A child can only have one Junior ISA. However, a child aged 16 or 17 can open their own adult Cash ISA while holding on to their Junior ISA. Currently, this gives them a combined ISA allowance of £29,000. They can also manage their own cash ISA from the age of 16.
Please note, to open a Vitality Junior ISA, you and your child must be UK residents. Or, if you don’t live in the UK, you must be a Crown Servant (for example diplomatic or overseas civil service) or their spouse or civil partner.
Can I change my mind?
What's the difference between a Junior ISA and a Child Trust Fund (CTF)?
Both products are very similar in that they have the same investment limits and tax efficiency. However, there are some slight differences as follows:
- Child Trust Funds were only available to children born between the 1st September 2002 and 2nd January 2011. They were also eligible to receive a Child Trust Fund voucher from the Government.
- A child can hold both a cash Junior ISA and Stocks and Shares Junior ISA at the same time, but for Child Trust Funds a child can only hold either a Cash version or a Stocks and Shares version.
Your child is only able to hold a Junior ISA or a Child Trust Fund, not both.