What does the Junior ISA calculator do?
This calculator is great for estimating what your child’s Junior ISA could be worth and helping you stay on track with their savings goals. However, it does not take into account fees or market ups and downs.
You can’t do anything about market ups and downs, but fees are in your control and are really important—they hurt your child’s returns. Some platforms have waived all their fees for Junior ISAs, so make sure you check our Junior ISA recommendations here.
If you haven’t opened a Junior ISA yet, we have a super simple free guide that will walk you through it step by step.
What is a Junior ISA?
A Junior ISA (JISA) is a tax-free savings account specifically for children under 18.
The child’s parent or legal guardian needs to open the account, but then anyone can contribute to it, up to a maximum combined total of £9,000 per tax year. This is in addition to each adult’s own £20,000 ISA limit.
The parent/guardian manages the account until the child is 16, when they can take control of it – but they can’t withdraw any money from it until they are 18.
There are two types of JISAs:
- A cash JISA, where you save cash and earn interest on it
- A stocks and shares JISA, where the money is invested
When the child turns 18, the account will convert into either a regular cash ISA or a regular stocks and shares ISA.
