What’s the best way to invest for my children?Everybody’s situation is different, and what’s right for one family may not be right for another. For tailored financial advice, you can book an appointment with a Specialist Financial Adviser from Wesleyan Financial Services. The advice is without obligation – and you’ll only pay a charge if you decide to invest or take up a chargeable service.
Can I open an account for my grandchildren?Grandparents can open a number of savings accounts for grandchildren, but Junior ISAs (whether cash or stocks and shares) can only be opened by a parent or guardian. That said, grandparents can contribute to a Junior ISA once it’s open - as can other family and friends.
Does paying into a Junior ISA affect my own ISA allowance?Junior ISAs are held in the child’s name, not the parent’s - so there’s no impact on your own ISA allowance. In other words, you can pay £9,000 into your child’s ISA in the 2022/2023 tax year, and still put the full £20,000 allowance into your own.
When should I start saving for my children?
Again, this will depend on what’s right for you - but it’s useful to know that most types of junior account don’t carry a minimum age. A Junior ISA, for instance, can be opened for a child of any age as long as they’re under 18, so you can start saving as soon as they’re born.
If you’re planning to invest for your child in a stocks and shares ISA, bear in mind that investments are usually best left for a minimum of five years, allowing more time to benefit from any potential capital growth.