Junior ISA’s are basically the name given to a tax-free savings allowance, ie:  the amount, that can be saved tax-free for a child.  The amount any child can save is their “allowance” and in the current tax year (2023/24), the limit is £9,000. 

Some people think that children do not pay tax – this is not true!  They pay tax like everyone else does in the usual way on earned income, this is where a junior ISA can protect their savings income from the tax-man. 

The Junior ISA itself can be accessed by the person (child) after they turn 18 leading to the first potential pit-fall.  Imagine you have saved all your life for your “little Johnny” to get a good start in life.  Then “little Johnny” turns 18 and gets in with the wrong crowd (or decide they want a fast car for example).  They simply walk into their bank and withdraw the lot.  Even though you saved the money, you have no right to intervene or even know they have done it.  Not a nice position to be in we think! 

There are 2 types of junior ISA: 

1. a “cash” version, just like a bank account where the capital sum is guaranteed (secure, not subject to fluctuation) and earns a “fixed rate of interest”.  These “cash” versions are basically the same as a bank account but the interest is paid tax-free. 

2. A “stocks and shares” version, earns potential returns via an investment so the capital sum is not secure (will be subject to ups and downs of the markets) but over the long term has the potential to provide greater returns than the cash version above!   

Still not sure?  As always get in touch with your local experts to help build your Financial Fortress! 

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Speak to one of our specialist pension advisers. We can go through your pension withdrawal options in more detail and help you understand

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What Our Clients Say

Excellent

Based on 74 reviews

Ian W

February 6, 2023

I couldn’t recommend Financial Fortress more highly if you’re looking for financial advice. Wayne has been incredibly helpful and taken the time to talk everything through in great detail to make sure we have all the information we need to make the right decisions. Give them a call today!

Anthony Parker

January 26, 2023

Just spent a very informative 90 MINS with Wayne Musker of Financial Fortress regarding my impending retirement. I am always weary of such institutions when dealing with my finances,and go into these situations with the view that they are only out for their own gain. Wayne quickly made me feel very comfortable, through his professional manner and explanations in terms,that were easy to understand. If Wayne is the standard to which Financial Fortress aspire,then I would have no hesitation in recommending this individual and his company to anyone requiring financial advice

Michael Thomspon

January 19, 2023

Wayne and the team are amazing, sorted out my pensions and private health care. Trust them completely, thanks again.

Rachel RIGG

November 30, 2022

I was recommended Malcom from Financial Fortress by a friend and I can understand exactly why they were so pleased. Mortgages are not something I enjoy dealing with and Malcom completely took the pain out of it. He looked for the best deal for me, dealt with all the form filling. He was available to answer questions any time. He explained the jargon and was patient when I had other things to deal with. I will definitely be keeping his number for next time I need to remortgage. One thing I really liked was he is not a pushy sales person but a genuinely good mortgage advisor with your best interests at heart. Really pleased, highly recommended. Thank you

Padraig Confrey

November 3, 2022

Supurb, friendly advice. Wayne cuts through the financial jargon and simplifies the subject matter leaving you with a better, more clear understanding. Highly recommend!

Joshua Parkes

July 21, 2022

Recommended by a friend who spoke very highly of financial fortress. I have very little knowledge on all things finance and Wayne was very helpful in answering all my queries and giving me independent advice to suit my current financial position. He was very helpful and the first session was free which is great! Looking forward to working with you again soon! I will also be utilising your services such as mortgage advisors when buying a house. Would recommend to anyone!

Chloe Benson

February 2, 2022

We came to financial fortress for help with our first mortgage and Kieran was amazing and couldn't have helped us anymore. We have since re-mortgaged and didn't think twice about going back to Kieran for advice. We have undoubtedly asked some ridiculous questions but Kieran has been nothing but patient and helpful. Made our lives as stress free as possible with his prompt responses and organisation!

MrWhoisjoegill

January 11, 2022

Would highly recommend Financial Fortress if you are looking to get a mortgage. Kieran guided us through the whole process as first time buyers professionally, helping us understand and navigate purchasing our house. He was quick to respond to any questions and queries no matter how big or small, and worked with the other parties to make sure things moved along smoothly. Having recently remortgaged our property, we had the same excellent service - quick to help out and lay it all out so we could choose the best option for us. Thanks Kieran!

Rob Wilcock

December 16, 2021

Fortress were recommended to me from a good friend and after a couple of consultations I totally understand why. Wayne was patient with my questions and clearly explained all of the options presented to me. Very professional and most importantly I felt I could trust them with my investments.

ziv kaner

December 9, 2021

We are first time buyers and had no real idea what were all the different steps and requirements for getting a mortgage. Malcolm presented us with all the info that we needed and helped us choose the product that is right for us. He was always available to help and quickly answered any questions.