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Scottish Friendly Ethical JISA - Great Christmas Present for your Child - and the Planet!

This may be the Best Christmas Present you can gift your child and the planet too

Invest in a Scottish Friendly My Select Junior Isa with Scottish Friendly and start saving for your child’s future today

Voted Best Junior ISA Provider - Moneyfacts Investment Life & Pension Awards 2019, 2020 2021 and 2022 - four years in a row

Every parent wants to give their children the best possible start they can and there is no time like the present to consider the bigger purchases they may have to face as they get older.

Think about their first car, financing their studies at university or even their first home – with a helping hand from you and Scottish Friendly these could all be within their reach.

The My Select Junior ISA from Scottish Friendly offers the ideal opportunity for loved ones to save for a child’s future. Although the Isa must be opened by a parent or guardian, anyone can make regular or one-off investments. So when grandparents or aunts and uncles are wondering what to buy your child this Christmas, why not offer them the opportunity to make a real difference to your child’s life?

You can open a My Select Junior ISA from as little as a £50 lump sum or £10 a month and, when you open the ISA, Scottish Friendly will automatically enter you into a prize draw with the chance to win back the total amount you have invested in that tax year. What a great incentive to start saving!

The My Select Junior ISA is a medium to long term investment. You can save for your child on a regular basis or as and when you are able to but the child cannot withdraw any money until they are 18.

There is no interest earned on the My Select Junior ISA - it is linked to the stock market. If the stock market grows, so does your investment. You can choose from 9 different funds depending on your feelings towards risk. Remember that the value of your investment can go down as well as up.

The current limit for investment in Junior ISAs is £9000 per tax year which includes any money paid into other ISAs. So, for example, if you pay £3000 into a Junior cash ISA for your child then you would only be able to pay £6000 into a Junior Investment ISA such as the My Select Junior ISA in the same tax year.

What are the benefits of the My Select ISA?

• When you open a My Select Junior ISA, Scottish Friendly will contribute £50
• You can invest from as little as £10 per month
• Contributions can be made by family members or friends too
• There are 9 different funds to choose from
• If you sign up to My Plans online and go paperless you will receive the My Benefits card giving you access to offers and savings on many purchases
• The mobile app helps you keep track of your savings
• Throughout December Scottish Friendly will donate £10 to Action for Children as a extra Christmas gift.

Important points to note about investing

• The My Select Junior ISA is expected to be an investment of at least 5 years but preferably 10. If the child withdraws money within 5 years of the ISA being opened then there is a £50 deduction from the value.
• To be eligible for the My Select ISA the child must be under 18 years of age, resident in the UK and not have been eligible for the Child Trust Fund.
• The full terms and conditions for the MySelect ISA are available here

So how can you help the planet too?

The International Ethical Fund is an option with the My Select ISA. Scottish Friendly say this fund is ‘designed to invest in shares of global companies that have been assessed to meet ethical criteria’. With this fund you can invest in companies that are looking to contribute towards a more positive future for all of us.

For example this could include companies that promote renewable energy and exclude companies which produce weapons.

We are all looking for ways that we can make a difference to climate change. We want to work together towards a cleaner and greener future and this is a simple way to start.

Why choose Scottish Friendly?

Scottish Friendly are a mutual society which means they do not have shareholders. Instead, their profits are used for the benefit of their members, their customers.

Originally founded in 1862 as the City of Glasgow Friendly society they have 150 years of experience in the industry. They have also won the ‘Best Junior ISA provider’ award for the last 3 years in a row at the Investment Life and Pensions Moneyfacts Awards.

This content was last reviewed on 27/03/2024