Junior ISA annual maintenance fee

sheebs_2

I pay £50 per month to Scottish friendly JISA for my LO. It started taking £7-£8 per month as maintenance fee from last year. The fund is sitting at 7k. Is there anywhere I can transfer JISA with less maintenance fee. When I started the direct debit there was no mention of maintenance fee. No idea when this was introduced either. Any guidance appreciated.

Thanks 

eskbanker

You can transfer to Hargreaves Lansdown or Fidelity, neither of whom charge annual fees for JISAs.

talexuser

I use HL for both grandkids for that very reason, no problems, no holding fees, AND no dealing fees

sheebs_2

Thanks, will search options on HL

Nurse2047

Fidelity for my children, no fees  

Alexland

eskbanker said:

You can transfer to Hargreaves Lansdown or Fidelity, neither of whom charge annual fees for JISAs.

.. provided you stick to traditional OEIC funds else for example Fidelity charge fees for buying or selling exchange traded assets.

Obviously there would still be fees for fund management however they each offer discounted funds such as Fidelity Index World (a global index tracker, might drop around 50% in a bad crash) at just 0.10% if held on Fidelity's own platform.

Or there are low cost multi-asset fund series such as Vanguard LifeStrategy or HSBC Global Strategy available at lower risk levels and both cost around 0.2% pa both of which can be held in either HL or Fidelity JISAs.

All significantly cheaper and more transparent than a friendly society product..

eskbanker

Alexland said:

eskbanker said:

You can transfer to Hargreaves Lansdown or Fidelity, neither of whom charge annual fees for JISAs.

.. provided you stick to traditional OEIC funds else for example Fidelity charge fees for buying or selling exchange traded assets.

But there are no annual maintenance fees charged by these platforms, regardless of investment choice, although yes, that's not the same as investing via these platforms being an entirely free experience!

dunstonh

sheebs_2 said:

I pay £50 per month to Scottish friendly JISA for my LO. It started taking £7-£8 per month as maintenance fee from last year. The fund is sitting at 7k. Is there anywhere I can transfer JISA with less maintenance fee. When I started the direct debit there was no mention of maintenance fee. No idea when this was introduced either. Any guidance appreciated.

Thanks 

A very quick and dirty check of the Scottish Friendly JISA makes no reference to a maintenance fee.   



Scottish Friendly have always been expensive compared to alternatives. They are expensive on most of their plans. However, if there was a further maintenance fee, it would need to be documented in their charges disclosures.

eskbanker

dunstonh said:

sheebs_2 said:

I pay £50 per month to Scottish friendly JISA for my LO. It started taking £7-£8 per month as maintenance fee from last year. The fund is sitting at 7k. Is there anywhere I can transfer JISA with less maintenance fee. When I started the direct debit there was no mention of maintenance fee. No idea when this was introduced either. Any guidance appreciated.

Thanks 

A very quick and dirty check of the Scottish Friendly JISA makes no reference to a maintenance fee.   



Scottish Friendly have always been expensive compared to alternatives. They are expensive on most of their plans. However, if there was a further maintenance fee, it would need to be documented in their charges disclosures.

Surely it's the 1.5% ongoing recurring cost listed 'for managing your investments', albeit this isn't literally 'maintenance' as such?  That would be circa £100 on OP's £7K holding, i.e. about the £8/month mentioned.

Albermarle

OP - in summary.

You are currently paying 1.5% for the SF JISA, which is high ( typical for friendly societies)
A JISA with Fidelity or HL will have no platform charges for operating the JISA, but the investments you hold in the JISA ( which you will have to pick yourself) will have a charge. This could be from 0.1% to 1.6% depending on which investments you pick.
If you are unfamiliar with investing, then posters on here will try and point you in the right direction. The age of the child involved is an important factor, as the longer it is until they are 18, the more risk you can take with the investment.

sheebs_2

dunstonh said:

sheebs_2 said:

I pay £50 per month to Scottish friendly JISA for my LO. It started taking £7-£8 per month as maintenance fee from last year. The fund is sitting at 7k. Is there anywhere I can transfer JISA with less maintenance fee. When I started the direct debit there was no mention of maintenance fee. No idea when this was introduced either. Any guidance appreciated.

Thanks 

A very quick and dirty check of the Scottish Friendly JISA makes no reference to a maintenance fee.   



Scottish Friendly have always been expensive compared to alternatives. They are expensive on most of their plans. However, if there was a further maintenance fee, it would need to be documented in their charges disclosures.

It is the recurring fee 1.5% monthly as annual maintenance