Pay no fees for a year with Wealthsimple junior ISA
Customers can open a junior ISA with £1 and there is no minimum monthly contribution.
Underlying fund fees, which average 0.18%, still apply.
The company is launching the deal to coincide with the upcoming arrival of Meghan Markle and Prince Harry’s baby.
“Good habits – starting early, having a plan in place and talking openly about money – can make a huge difference to how children adopt financial behaviours in their adult life. Parents have a huge opportunity to impact their children’s future by building them a strong financial foundation, whether that’s starting with £10 or £100 a month,” said Brian Byrnes, investment adviser at Wealthsimple.
Wealthsimple and Wealthify are the only digital platforms in the UK to offer a junior ISA.
These new-breed services offer an alternative to traditional investment platforms.
Users select their risk level or complete a short quiz and are then allocated a suitable, ready-made portfolio or basket of investments.
An investment manager monitors the portfolio on their behalf.