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Compare Junior ISA (JISA)
Compare Junior ISA (JISA)

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Ask the Experts

Ask the Experts is MyEggNest's free service for questions on Junior ISAs and any aspect of family finance.

Ask our Independent Financial Advisor Steve Weisner a question here.

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Ask the Experts

Question:

I have £7,500 to invest for each of my 4 grandchildren. I need it to be 100% safe. Which is the best place to invest this money?

Margaret

Answer:

Steve: Hi Margaret, in reference to your question from the MyEggNest website, I cannot give specific advice without knowing more about your situation but hopefully this will help and please find enclosed my contact details should you have further questions.

• Firstly, what is right for one person is not right for everyone, when making a decision about where to put your money you need to look at things like attitude to risk, accessibility, time scale and tax to name but a few factors in the decision making process, most people want the best possible returns for the lowest possible risk but things aren’t generally that simple.

• This in turn could lead you to look at options ranging from, bank accounts, national savings, an ISA in your name, Unit Trusts or even pensions, all have their advantages and disadvantages and specific products are designed for specific situations.

• A bank account or national savings product may best suit someone who does not wish to lose any capital value on their money but interest rates may be low in the long term and returns may not keep with inflation, conversely something like a unit trust may have no guarantees but over a longer time scale would generally give a better return on your money.

• If the investment is wrapped in a bare trust this will mean the money won’t be taxed on you but will use your grandchild’s tax allowance as it is in trust until their 18th birthday so this may be a good option to look at. Something like a unit trust would normally be the way to go as they will offer a standard bare trust free of charge when you take out a unit trust, otherwise you may need to pay solicitor’s fees for setting up the trust.

I hope this helps but please let me know if you have further questions, regards, Steve


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