Is my child eligible?
Any child under 18 who is a UK resident for tax purposes and who does not have a Child Trust Fund (CTF) is eligible to have an account. If your child was born between 01/09/2002 and 02/01/2011 it is likely that they will have a Child Trust Fund. You can check if your child has a CTF via the HMRC website
Who can open a Junior ISA?
If your child is under 16, someone with parental responsibility must open the Junior ISA for them. Children aged 16 or 17 can open their own Junior ISA but someone with parental responsibility could still open the Plan for them. The person who opens the Plan is called the ‘Registered Contact’.
What do you mean by ‘parental responsibility’?
Parental responsibility means someone with the rights and duties of a parent for the child.
What are the charges?
The only charge for our Stakeholder Junior ISA is an annual management charge of 1.5% (reducing to 1% after 10 years). Unlike other providers, we don’t charge entry, exit or transfer fees.
The Foresters Stakeholder (Schroders) Managed Funds meet government-set stakeholder standards, which means more of your money is invested for your benefit.
What is the role of the Registered Contact?
The Registered Contact is the only person who can make decisions regarding the management of the Junior ISA (until the child reaches age 18 or age 16 if they take over responsibility at that time). We will send all correspondence regarding the Plan to the Registered Contact.
How is a Junior ISA different from an Adult ISA?
A Junior ISA is different because it allows adults to save and invest for and on behalf of a child. Other differences include a lower yearly allowance and withdrawals aren’t usually allowed until the child turns 18. However, like all ISAs, Junior ISAs are tax-efficient.
What types of Junior ISA can my child have?
Similar to Adult ISAs, there are two types of Junior ISA available:
- Stocks and Shares Junior ISA – invests in stocks and shares, and fixed interest bonds
- Cash Junior ISA – earns interest like a deposit account
Forester Life currently only offers Stocks and Shares Junior ISAs
How many Junior ISAs can a child have?
Each eligible child can have one Cash Junior ISA and one Stocks and Shares Junior ISA at any time.
Does a child have to have both their Junior ISAs with the same company?
No – the child can hold a Cash Junior ISA with one company and a Stocks and Shares Junior ISA with a different company.
What is a Stocks and Shares Junior ISA?
A Stocks and Shares Junior ISA is a ‘wrapper’ that can be put around a wide range of different savings and investment products. With Junior ISAs, you can build up your child’s savings free of personal liability to Income and Capital Gains Tax regardless of the rate at which you typically pay tax.
What’s the difference between a Junior ISA and a Child Trust Fund?
Unlike a Child Trust Fund, with a Junior ISA you can split your savings between a Cash Junior ISA and a Stocks and Shares Junior ISA. However, a Junior ISA does not benefit from Government contributions.
Can I open a Junior ISA for my child if they already have a Child Trust Fund?
No – a child is eligible for one or the other. However you may be able to transfer a CTF to a Junior ISA should you wish to.
Can I open a Junior ISA before a child is born?
No – a Junior ISA can only be opened after the child is born.
Can I be the Registered Contact for more than one Junior ISA?
Yes – you can be the Registered Contact for any Junior ISA for any child you have parental responsibility for. You can also be the Registered Contact for your own Junior ISA if you’re aged 16 or 17.
What is the minimum I can invest?
Designed for low-cost stakeholder savings, you, your family or friends can invest as little as £10, as a monthly contribution or £20 as a single contribution.
How can I contribute to my child's Forester Life Stocks and Shares Junior ISA?
Single contributions can be made by debit card or direct from your bank (via Direct Credit), or you can set up monthly contributions by Direct Debit.
Who can contribute to my child’s Forester Life Stocks and Shares Junior ISA?
Yourself, family and friends (in fact, anyone) can contribute, even your child, so it’s ideal for saving birthday and holiday money.
What happens if I change my mind after opening a Junior ISA?
The Registered Contact has 30 days to cancel the investment in writing, if they change their mind. You should receive a notice of the cancellation rights with your Junior ISA Plan documentation. Please refer to this in the Terms and Conditions for information on how to cancel the Plan.