This is a version of the ISA designed for savings on behalf of children up to the age of 18.
Maximum investment: Anyone can contribute to the Unit Trust Junior ISA, up to an annual limit of £9,000 for the 2021/22 tax year.
Withdrawals: Junior ISA rules do not allow withdrawals until the child reaches 18, although it is possible to transfer from the Unit Trust JISA to another provider.
Tax: Using the tax-free Junior ISA allowance is a useful way of preventing tax from unnecessarily eating in to the potential returns of your child's funds.
Charges: If you decide to invest without taking advice such as online, there will be no initial product charge to pay but dealing costs do still apply. If you invest with advice from a Wesleyan Financial Services Consultant, in addition to the dealing costs we may collect an Initial Advice Charge on behalf of Wesleyan Financial Services (WFS) and pay it to them.
Ongoing charges are payable and these are shown as an Ongoing Charge Figure (OCF). This will vary by fund, by unit class and over time. The latest figures can be found in the fund Key Investor Information Documents (KIIDs).
If you are not opted in to the Ongoing Advice Service (OAS) provided by WFS then the 'X' unit class version of the KIIDs are appropriate for you.
If you have opted in to the OAS the 'B' unit class version will be appropriate for you. The cost of the OAS is 0.5% p.a. and is included in the overall OCF charge.
You can opt out of the OAS charge anytime. Simply call us on 0330 123 3813 Monday to Friday 9am-5pm or contact your Financial Consultant to discuss your options.
You can view an existing Unit Trust Junior ISA online. However, the product cannot be purchased online.
If you'd like to discuss the Junior ISA, please call us on 0330 123 3813 (Monday to Friday 9am - 5pm).