New Guidance on Junior ISAs to Help Parents Save
Martin Lewis' Money Saving Expert (MSE) has issued an urgent warning to parents, urging them not to let their children miss out on thousands of pounds. In new guidance, MSE provides information on Junior ISAs (JISAs) to help parents save for their child's future. Up to £9,000 can be placed into a JISA in the 2023/24 tax year, which ends in April next year. At the age of 18, the child can access the money in the JISA, which then becomes a standard ISA.
Choosing the Right JISA
The £9,000 can be split between two types of JISA accounts. The first option is a junior cash ISA, which offers a defined amount of interest. However, MSE warns that the funds may not grow as quickly as inflation. The second option is a junior stocks and shares ISA, where the return depends on the performance of the stocks or shares invested in. MSE advises that the younger the child, the more likely investing will be more profitable than saving.
Top Picks for Junior ISAs
MSE recommends Coventry Building Society as its top pick for a junior ISA, followed by Tesco Bank.
£1,100 in 8 Months: Easy Money-Saving Trick Revealed
Last week, a Martin Lewis fan shared how they earned £1,100 in just eight months from major banks. The customer achieved this by simply switching bank accounts.
Warning for Those Earning Less Than £220 a Week
MSE has also issued a warning this week to individuals earning less than £220 a week. In the latest MSE newsletter, the team encourages people on low incomes to check if they qualify for pension credit.
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