Next steps for your Junior ISA
What happens at age 18?
When you turn 18 your Junior ISA will automatically move into an Adult Stocks and Shares ISA.
You then have the options to:
Add money to your ISA
Contribute to your ISA from as little as £20 for both monthly and single contributions.
Add a Lifetime ISA
Save for your first home or later life and gain a yearly Government bonus of up to £1,000.
Make withdrawals
As you can now access your savings you can make withdrawals (encashments) at any time.
All current contributions into your Junior ISA will end on your 18th birthday. If you wish to make contributions into your Adult ISA please see ‘Add money to your ISA’, found below.
It’s easy to manage your ISA
With your online MyPlans account
✔ See how much is in your ISA ✔ Update your personal details ✔ View fund performance
You will need:
- Your National Insurance number or Plan number
- Your email address
- A bank account in your name
You can find the Plan number on letters we have sent you (this can be your ISA or Junior ISA Plan number), or by calling Customer Services. A bank account is only needed when withdrawing or adding money.
Our ISA fund
Our ISA invests in a fund which is professionally managed by Schroders. They use their expertise to identify investment opportunities in the UK and worldwide and make the investment decisions on your behalf.
The fund has a conservative strategy, meaning no more than 60% of the investment is in shares – reducing the effects of market fluctuations but giving the opportunity for growth. The rest of the fund invests in government bonds, fixed income and cash.
The fund also follows a sustainable investment approach, considering the impacts to the environment. The fund is called the Foresters Stakeholder (Schroders) Managed Fund for our ISA.
Coming soon...
A climate change fund and a Shariah ISA.
Your ISA
An ISA is a tax-efficient way of saving for adults and their future.
Each tax year, starting 6th April, you can save up to the ISA allowance set by the Government, currently £20,000.
Your Foresters ISA is a Stocks and Shares ISA, just like your Stocks and Shares Junior ISA. Once your ISA is opened you can withdraw and add money as and when you can, from as little as £20.
Parents can contribute to your ISA to help you save, and add single contributions which make for a great present on special occasions like birthdays and graduations.
Unlike other providers, we only have one simple annual charge of 1.5% and we do not charge for anything else, like transfers or withdrawals.
Investment decisions made for you by professionals at Schroders
Flexible, low payments with online account management
You’re a Foresters member with benefits like MemberDeals & more
Want to save for your firsthome?
Once you reinvest in our ISA you have the option to open a Lifetime ISA, perfect for if you’re looking to save for your first home. With an additional 25% Government bonus on your savings. What is a Lifetime ISA?
Why saving is important
It is easier to save when you have a pot of money already, no matter how big or small it is. Your savings could help you save for your future goals, whether that’s a new car, your first home or even travelling the world. Whatever your goals are, with an ISA, you have the option to withdraw at any time.
40% of 22-29 have no savings at all, so why not start early to give yourself financial security and to make the most of your future.
The average age of a first-time buyer in the UK is 34 years old. This is 6 years older than the average age of a first-time buyer in 2007, which was 28 years old. So if you’re looking to buy your first home, you’ll need an average deposit of £46,200 (based on first-time buyers in 2019). The Lifetime ISA benefits from government contributions which could give you a boost when saving for your first home (LISA rules apply).
