Meet Monzo’s Junior ISA 🧮

UK Making Monzo
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Meet Monzo’s Junior ISA :baby::chart_increasing:

Hi everyone,

I’m Jen, the Product Manager for Investments :waving_hand:

We’ve got something new joining Monzo Investments: our Junior Stocks & Shares ISA.

Because putting money aside for your child’s future isn’t really about one big contribution. It’s the birthday money, the regular top-ups and the little bits added over time that can all start to add up.

So we’ve designed a Junior ISA that makes it easy to keep building towards your child’s future - and let the people who care about them help too.**
**
We’re rolling this out gradually, so don’t worry if you can’t see it in the app just yet - keep an eye out over the coming days.

The Junior ISA your family can keep building

A separate £9,000 yearly allowance :money_bag:

You can add up to £9,000 each tax year across all of your child’s Cash and Stocks & Shares Junior ISAs. And good news - it’s completely separate from your own adult ISA allowance.

Let the whole family chip in :wrapped_gift:
Friends and family can contribute through a shared gifting link, so birthday money, gifts from grandparents and regular contributions can all come together in one place.

Make contributing a habit :repeat_button:
Add money any time, set up scheduled contributions, and send roundups directly from your spending, so you can keep building their Junior ISA in a way that works for you.

Keep it in sight :eyes:
Their Junior ISA lives in Monzo alongside the rest of your money. You can keep track of the balance, contributions, investments, performance and how much of their yearly allowance is left.

Choose how their money’s invested :chart_increasing:
Pick from our range of eligible investments and make changes over time.

No Monzo fees :money_with_wings:
You won’t pay Monzo fees for your Junior ISA. Fund management costs still apply depending on the investments you choose.

Already have a Junior ISA elsewhere? You’ll also be able to transfer an existing Cash Junior ISA or Stocks & Shares Junior ISA over to Monzo.

Help us make it even better

This is just the start, and we’d love to hear what you think.

Drop your thoughts, questions and ideas below :backhand_index_pointing_down: We’ll be following along.

As with all investing, the value of investments can go down as well as up, and you could get back less than you put in.

:backhand_index_pointing_right: If you haven’t already, check out Monzo Investments in your app

Important to know

  • Monzo only offers a Junior Stocks & Shares ISA and does not offer a Junior Cash ISA.

  • Monzo’s Stocks & Shares Junior ISA is available for children under the age of 16.

  • Both you (the parent/guardian) and your child must be UK residents.

  • You need a Monzo current account to use Investments. 18+. Ts&Cs apply.

  • Money invested in a Junior ISA belongs to the child, cannot be withdrawn until they turn 18, and automatically converts to an adult Stocks & Shares ISA at age 18.

  • Tax treatment depends on individual circumstances and may change in future.

12 Likes
Today we’re launching Monzo Investments 🎉
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Is this something that both parents will be able to view and manage in their own Monzo apps?

What about the child? It would be nice if they had a view of the amount and charts in their app as well

1 Like
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Can I invest from a pot?

How do these compare to similar products from elsewhere?

Is there a minimum to set it up?

Can I transfer from Wealthify?

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Nice! We currently use HL as they have zero management fees and it seems like zero fees on the Global All Cap fund we invest into, that might be fund specific. Once it’s all setup we don’t really need to open the app or look at it for the next 18 years but it might be nice to move it all into Monzo if comparable fees.

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I’ve mentioned to support and in the other thread, Freetrade are missing from the list of providers you can transfer from?

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Just to let you know that i followed the learning about what happens when child turns 18 but when you click done it just goes to a page with a spinning circle.

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Does this support contributions from family / friends in countries outside the UK?

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Family member access is coming soon, where additional family members will be able to view balances, add money and share gifting links! Only the person who set up the Junior ISA will be able to manage the investments.
Lovely idea on the view access for children :light_bulb:

3 Likes
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Despite the lack of fund choice and higher management fees I’d consider switching once this is added (and as long as Freetrade is added to the providers you can transfer from).

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Brilliant stuff, I can bring them together in one place. Can I set up more than 1 and manage each child on the app?

1 Like
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Just heard back from support, Freetrade aren’t supported rather than it being an oversight (as I had hoped)

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Each child can have 1 Stocks and Shares Junior ISA. You can see all your children’s Junior ISAs in one place in the app.

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You can invest from £1. And we do support Wealthify transfers in.

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At long last, I knew you would get there in the end.

1 Like
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Since I can’t transfer in from Freetrade it looks like I need to close my Monzo one down but struggling to see where I do that.

[edit] I don’t remember seeing a way of checking which providers are supported when signing up, could that be added?

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I’m in!

Two created, one transferring.

Feedback - I can’t set up a recurring investment because that pot is empty. It’s empty because I’ll get paid again before the next investment. Just a bit of a faff to move money in there for 30 seconds so I can set it up.

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You’ve got to go through help to request the closing of a junior ISA and you can only close it within the 14 day cooling off period.

I’ll try again when Freetrade are supported but I’m not sure how I’d know?

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NS&I also not supported either so I may close this as well.

1 Like
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Support have told me to keep an eye on the app to find out when Freetrade are added which isn’t very helpful. I’ll probably just have to message support every month to check if anything has changed :man_shrugging: