Junior ISAs

System

This discussion was created from comments split from: Child savings.

Olivia2018

I recently set up two fidelity accounts for my 6 and 8 year old. My brother in law is a financial advisor and he advised this was the best thing to do for a “long term” investment -as I plan that they can have access to their money when they turn 21.
i have then invested the money from fidelity into a product called “Vanguard Lifestrategy” which is a stocks and shares ISA. It’s very easy to do on the fidelity app. 

xylophone

I recently set up two fidelity accounts for my 6 and 8 year old.

Do you mean that you set up two general investment accounts in your own name which are beneficially yours and simply designated with each child's initials as a kind of note to yourself that you intend to gift the money at a time of your choosing?

Or do you mean that you have opened accounts in BARE TRUST for each child?

Olivia2018

I have set up two Junior ISAs for them with Fidelity, in their names. They can then access them when they are 18.

xylophone

as I plan that they can have access to their money when they turn 21.

I have set up two Junior ISAs for them with Fidelity, in their names. They can then access them when they are 18.

Confused/confusing/typo?

Albermarle

 have then invested the money from fidelity into a product called “Vanguard Lifestrategy” which is a stocks and shares ISA. It’s very easy to do on the fidelity app. 

Some confusion of terms;

Vanguard Life Strategy is not a stocks and shares ISA, it is an investment fund. 

Fidelity is an investment platform, that offers a Stocks and shares ISA. This is somewhere to buy/sell/keep investments where they are protected from any tax issues.
The investment you have bought to hold within the ISA is one of the Vanguard Life strategy funds ( there are five different ones with quite different risk levels)