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Friends & Family Junior ISA

Our new Junior ISA allows friends and family to easily gift money for a child’s future, via a secure webpage shared by the parents

We have launched a pioneering new product to make saving for your child’s future simple, quick and flexible.  You can now invest for your child’s future at the click of a button.

Available to UK resident children aged under 18 who don’t have a Child Trust Fund. Or you can transfer your Child Trust Fund into our Junior ISA.

Flexible
Our Friends & Family Junior ISA enables parents, grandparents, godparents and friends to easily pay into an account which could help the child build up valuable funds to use when they reach adulthood. It might help to pay towards university, a deposit on a flat, or even flying lessons.

Payments can be as little as £5 per month or £10 lump sum, up to £4,128 per year. And we can accept payments by debit card, direct debit, bank transfer and cheque.

Easy to manage
You can easily share requests with your family to help them pay into your child’s ISA easily and efficiently and they can even choose where they might want your child to spend the money when they reach 18.

Potential for growth
There’s also the possibility of an annual bonus being added to the account.

A tax free lump sum for your child
There’s no income tax or capital gains tax payable on the final amount.

Important Information about our Junior ISA

  • It is important to remember that anything paid into a Junior ISA is a gift to the child and can’t be repaid. Junior ISAs can’t be accessed until the child reaches 18 and the child can choose how to spend the money when they withdraw it.
  • Our Junior ISA is a stocks & shares ISA investing in our with profits fund. The investment performance of the ISA will depend on the performance of the with profits fund, expenses and other factors.
  • Any bonus declared is applied to the account annually. Bonus rates are not guaranteed and past bonus rates cannot be used as a guide to future bonus rates.
  • If you transfer the account to another provider before the child reaches 18 then a penalty may apply due to investment performance of the fund up until that date which may, in certain circumstances, result in your child getting back less than paid in. However, if your child withdraws from the account on their 18th birthday then they will receive back everything that has been paid in plus any bonuses added to the account.
  • Tax treatment may change in the future and tax advantages depend on individual circumstances.
  • As the cost of living increases, the final amount in the ISA might not buy as much in the future as it could now.

Please make sure you read the Key Features and Terms & Conditions booklet before applying. These contain essential information about the Junior ISA. Additionally there are questions & answers below that will give you extra information about the Junior ISA.

We are not able to offer advice and if you are unsure about whether this product is suitable for you, you should seek advice from an independent financial advisor who may charge for this.

Apply online

Key features

  • Parents, friends and family can save up to £4,128 in the current tax year
  • Available to UK resident children under 18 (if the child has a Child Trust Fund they can only open a Junior ISA by transferring their Child Trust Fund into a Junior ISA)
  • Affordable investments from as little as £5 per month or lump sum payments from £10
  • Tax efficient
  • Contributions to the Junior ISA are gifts to the child and cannot be accessed until age 18
  • Flexibility to stop and start payments
  • Potential for growth by possible addition of bonuses
  • A penalty, known as a market value reduction, may be applied if the account is transferred to another provider before the child reaches age 18
  • If the Junior ISA is not redeemed at age 18 then it will roll-over into an adult ISA and the terms & conditions of the adult ISA will then apply

FAQs

Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website www.fsa.gov.uk/register or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.