The Charles Stanley Direct Junior ISA will require a minimum lump sum investment of £500 or minimum monthly investment of £50, and charge an annual platform fee of 0.25% for fund holdings.

Investors will have access to over 1,800 commission free or “clean” funds.

The offering will be available from November 2013.

According to recent HMRC statistics, £557m has been invested in Junior ISAs since they launched on 1 November 2011. This has been invested in a mix of cash and stocks & shares ISAs.

The current annual Junior ISA limit is £3,720, inflation linked annually, and every child under the age of 18 is eligible, provided they were born before 1 September 2002 or after 1 January 2011.

Ben Yearsley, head of investment research at Charles Stanley Direct, said: “Saving for your future and your children’s future is becoming increasingly important. The Junior ISA is an ideal and tax-free way to help them save, in the full knowledge it can’t be touched until at least the age of 18.

“The advent of clean priced finds has changed the investment landscape, and made investing far cheaper. Indeed, each new born child today could be over £6,000 better off due to clean pricing at age 18. Unfortunately not every provider has yet to embrace the new world.”