Should I reinvest my Junior ISA money?
What does "reinvesting" actually mean?
At the moment, the money in your junior ISA is either building interest like a current account does or it’s in a fund that's invested in the stock market.
When we talk about “reinvesting” it, we mean moving the money out of your Junior ISA and into an account that invests it in stocks and shares to hopefully grow your money.
This can feel complicated, and there is a risk that your money could go down, but there’s also more potential for it to grow than there would be if you put it into a cash savings account. We make it simple to move money from your Junior ISA into a Stocks and Shares ISA or Lifetime ISA once you reach 18.
But remember, you don’t have to reinvest all of it. If you want to take some money out when you turn 18 and keep the rest saved for a rainy day, that’s completely fine.
What options are there to reinvest my money?
When you turn 18, you can easily move money from your Junior ISA into one of our stocks and shares products, ready for when you need it.
If you decide to reinvest your money with OneFamily, there’s two options which suit different needs.
Save for the big things with our Lifetime ISA
Lifetime ISAs are a type of account designed specifically to help you buy your first home or to save for life after 60. The government will top-up the money you put into a Lifetime ISA by 25% of the amount you save.
You can put up to £4,000 a year into your Lifetime ISA, and if you do this you will receive a £1,000 government bonus. So, your £4,000 becomes £5,000.
The catch is that you have to use this money to buy your first home or leave it in the account until you turn 60 – otherwise the government will charge you a penalty fee for withdrawing money.
Important information about our Lifetime ISA:
Save for anything you like with our Stocks and Shares ISA
If you want to continue saving for anything other than your first home or you’re not yet sure what you’ll use the money for, our Stocks and Shares ISA could be for you.
You can use the money in your Stocks and Shares ISA however you like and withdraw money at any time with no penalties for taking it out.
This makes it a good option if you think you might need to dip into your savings in the next few years but still want to make your money work hard for you.
Important information about our Stocks and Shares ISA:
Why reinvest with OneFamily?
What you do with your money once you turn 18 is, of course, 100% up to you. But here’s a few reasons why people choose to reinvest their Junior ISA money with us:
Ready to make your choice?
If you want to reinvest some, or all, of the money from your Junior ISA, register or log into your account to get started.
I'm not yet 18
Sit tight for now. If you’re 16 or over, you can register for an online account so you’re ready to go as soon as you do turn 18.
I’m 18 but haven’t got an online account
It’s easy to register, you just need your name, date of birth and National Insurance number.
I’m 18 and have an online account
Log in and let us know what you’d like to do with your money. If you’ve not decided, don’t worry – you can leave your money where it is while you give it some thought.