The Children’s Mutual announces Junior ISA launch
The Children’s Mutual is today announcing the details of the Junior ISA it will launch on November 1. As a leading provider of family finance solutions, managing more than one million Child Trust Funds (CTFs) alongside other investments and insurance products, The Children’s Mutual will be offering Junior ISAs to help families save for the increasing cost of their children’s future.
Graeme McAusland, Chief Executive of The Children’s Mutual, said: “For many families, paying for university, a first step on the property ladder or a first car to get to work, simply isn’t feasible out of their monthly salary. Yet by saving relatively small amounts regularly, families can make a difference to their offspring’s financial futures. Many of our CTF customers have either eligible older children or have had new children this year and want to save to help them into adulthood. We believe our Junior ISA will fill the gap left by the closure of the CTF and are delighted that we can continue to support families in their efforts to save.”
The Junior ISA from The Children’s Mutual – like its stakeholder CTF – will be invested in the Foundation Growth Fund managed by Scottish Widows Investment Partnership (SWIP). Families can save up to and including £3,600 in each tax year into the Junior ISA, setting up either a monthly Direct Debit of at least £20 or making an initial payment of £250. Going forward, as well as regular Direct Debits, additional one-off payments of £50 or more can also be contributed by any member of the child’s family or friends.
The Children’s Mutual has appointed Capita, who we have been working with since 2004, to deliver both the product platform and administration for its Junior ISA.
“As online shopping and banking becomes more prevalent, consumers expect to be able to engage with brands and buy products at the click of a button. We have worked with The Children’s Mutual to develop a solution that allows customers to buy products via its website,” said Steve Parkinson, Managing Director, Financial Services, Strategy and Development, Capita. “We have supported The Children’s Mutual for over seven years, so the extension of services to include the new Junior ISA is a testament to the strength of our partnership.”