We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Junior ISA annual maintenance fee

2»

Comments

  • sheebs_2
    sheebs_2 Posts: 58 Forumite
    Part of the Furniture 10 Posts Photogenic Combo Breaker
    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.
    My LO is 11 years old and planning to use as tuition fee, just wanted a simple JISA without much risk.adding screenshot.
    Thanks for advice.
  • Albermarle
    Albermarle Posts: 30,965 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    sheebs_2 said:
    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.
    My LO is 11 years old and planning to use as tuition fee, just wanted a simple JISA without much risk.adding screenshot.
    Thanks for advice.
    The JISA itself has no risk, it is just somewhere that is tax friendly to hold investments.
    The risk and the potential growth come from the investments you choose in the JISA.
    Scottish Friendly make it easy by only having one investment available. However the charges are high, and typically the investment does not perform that great.
  • dunstonh
    dunstonh Posts: 121,200 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.
    I thought it might be that, but the OP said there was no mention of a maintenance fee and suggested it was introduced later.         However,the 1.5% AMC has been in place from the very start (and is pretty much consistent across all their range).

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • sheebs_2
    sheebs_2 Posts: 58 Forumite
    Part of the Furniture 10 Posts Photogenic Combo Breaker
    dunstonh said:
    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.
    I thought it might be that, but the OP said there was no mention of a maintenance fee and suggested it was introduced later.         However,the 1.5% AMC has been in place from the very start (and is pretty much consistent across all their range).

    I had this from 2017 as Cash ISA - I think. Not sure if I can check this. 


    Last year split into some funds and that might have triggered this annual fee !
  • eskbanker
    eskbanker Posts: 40,333 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    sheebs_2 said:
    dunstonh said:
    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.
    I thought it might be that, but the OP said there was no mention of a maintenance fee and suggested it was introduced later.         However,the 1.5% AMC has been in place from the very start (and is pretty much consistent across all their range).

    I had this from 2017 as Cash ISA - I think. Not sure if I can check this. 


    Last year split into some funds and that might have triggered this annual fee !
    Yes, JISA charges won't be the same for investing as for cash, they're completely different activities, so if you chose to invest last year (instead of staying in cash) then that will indeed have triggered the charges listed in their documentation.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.1K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.7K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.