One Family Junior ISA
One Family were formally known as Family Investments. It is now a merger between Engage Mutual and Family Investments.
What is a Junior ISA?
A Junior ISA is a government initiative launched in 2011 which provides a tax-efficient way to invest for your child's future. There's no income tax of capital gains tax to pay on the final amount. The Junior ISA lets you invest over the long term for the things your child might need in their adult life: whether that's going to uni, travel, driving lessons or a home deposit.
Our Family Junior ISA Review
OneFamily is a financial services provider based in Brighton, Sussex. It is a mutual society and as such has no shareholders, and is instead owned by its two million members.
One Family offer two kinds of Junior Investment ISA:
Ethical Junior ISA – This option will only invest in shares of companies with a responsible outlook on social, ethical and environmental issues. It also mostly invests in UK shares.
Junior ISA – This option is great if you also want to invest overseas and want to invest in other areas aside from stocks and shares, meaning this a slightly lower risk option
Useful to Know
Your child will only be able to access the money at the age of 18 but will then assume full control. If you worry about your child having total access to the money then it could be between to open a savings account in your name, although this would mean losing the tax-free wrapper
- There is an annual management charge per year on these accounts
- You are able to transfer in to this account as long as the amount is £500 or more
- You can also transfer to another provider at any time
- You can’t open a Junior ISA if you already have a Child Trust Fund but you can transfer your child’s Trust Fund in to a Junior ISA
- As these are Investment ISAs, it is possible that you could lose money but as this is a long term investment, the risk is minimal