With only a few weeks left to use up this tax year’s unused ISA allowance, you may be spending some time deciding on the best home for your cash.

But what about your kid’s savings? If you have a Junior ISA for your child, don’t forget their annual allowance is also given on a ‘lose it or use it’ basis.

The Junior ISA annual limit is £4,080 until 5 April 2017. It increases to £4,128 for the next tax year.

A Junior ISA can be opened by a parent or legal guardian, who then manages it until at least the child’s 16^th birthday. No withdrawals are permitted until the child turns 18.

Just like the adult ISA, there are two types of Junior ISA available: a cash version and an investment one. A child can hold one of each but they only have one allowance.

If you have an investment-style Junior ISA for your child and need some guidance on where to put their cash, Adrian Lowcock, investment director at asset management firm Architas, suggests three funds that could be suitable.

Fidelity Global Dividend

Lowock says: “This fund provides global diversification for investors and with an income objective it offers the potential for long term consistent returns. The portfolio is entirely constructed through stock selection with a focus on companies offering a growing and sustainable level of income.

“However, the manager, Dan Roberts, does look for a greater return from capital appreciation which suits investors not necessarily in the need of the income. Roberts looks for companies with simple, easy to understand businesses that have reliable cash flow generation.”

Schroder Asian Income

Lowcock says: “Manager Richard Sennitt takes an unconstrained approach to investing in Asian income stocks. However, he remains cautious with a focus on dividend yield versus price of the companies he holds. The fund offers excellent protection during volatile markets and in doing so provides long term growth. Stock picking is fundamental within the fund and Sennitt is looking for capital appreciation as well as income.

“The long-term outlook for Asia remains attractive as the region’s economies continue to grow as demand for goods and services as it’s young and growing population become wealthier.”

Franklin UK Smaller Companies

Lowcock says: “Managers Richard Bullas and Paul Spencer run a three-pronged approach to investing in smaller companies. The core portfolio is invested in high quality growth companies. This is then complemented with underappreciated and undervalued names where the market hasn’t recognised their growth potential. The final prong is in recovery stocks which tend to be more cyclical in nature.

“Smaller companies can be quite volatile in the short term, but over the longer term they have rewarded investors.”