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Pay no fees for a year with Wealthsimple junior ISA

Joanna Faith
Written By:
Joanna Faith

Online investment service Wealthsimple is offering no platform fees for a year on any junior ISA opened in April.

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.