Exclusive: GoHenry launches Junior ISA

GoHenry is boosting its proposition with the launch of a Junior ISA, as it looks to school more children in responsible investing.

The ISA is aimed at parents of children aged between six and 15. 

Parents can invest as little as £1 and up to £9,000 per tax year on their child’s behalf through monthly contributions or one-off payments.

Parents and their children can also use a calculator to see how much their child’s Junior ISA might be worth when they reach 18.

Funds can be transferred from any existing Junior ISA or Child Trust Fund.

Once invested, the money belongs to the child and cannot be withdrawn until they are 18 years old.

Indicating the ISA might have a sizeable market, GoHenry said 11,000 parents opened the Junior ISA during its pre-launch rollout.

The ISA is managed by Vanguard, the investment management group, and is protected by the Financial  Services Compensation Scheme up to the value of £85,000.

The family-focused fintech, which launched in 2012, offers accounts including a prepaid debit card to children aged between six and 18 years old,

Last year, it launched Money Missions, a gamified, interactive tool designed to educate children aged 6-18 and promote better financial literacy.

GoHenry chief product officer, Richard Jones, said: “We’re all about setting children up for financial success at every life stage. 

“With the introduction of our Junior ISA, we’re making it as easy and simple as possible for parents to start investing in their child’s future. 

“By enabling parents to open, contribute to, and monitor the progress of their Junior ISA via our GoHenry app, we’re providing one easy-to-view resource for them to track their children’s day-to-day finances alongside their long-term investments.”