Beanstalk launches to enable parents to manage savings & investment for their children

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App-based child savings and investment account provider, Beanstalk has announced its launch today. The new app allows parents to open and manage junior ISA accounts for all their children from a single app with £5. It aims to remove the need to visit a physical bank branch with paperwork and minimum contributions.

Julian Robson, CEO, and Founder of Beanstalk, said, “Junior ISAs offer a tax-free way to save for your kids futures, but the current products are all too complex and hard to set-up. We are bringing Kid’s savings into the App-age, allowing the whole family to contribute and offering the simplest sign-up making it easier than ever before to start saving for your children’s futures.”

Beanstalk offers stocks and shares ISAs and Junior ISAs, thus making returns free with no minimum or regular contributions. The app allows guardians to invite family members and friends to link to the children’s accounts and send/receive gift messages. It also supports round-ups on everyday spending, money back on shopping via integration with KidStart.

A Junior ISA is a tax-efficient way to save or invest for a child’s future as all income and capital gains within a Junior ISA are exempt from UK tax personal tax. There are two types of Junior ISAs: Cash or Stocks & Shares. A child, who must be a UK permanent resident, can only subscribe to one of each type during their childhood, and children cannot share a Junior ISA. Beanstalk JISAs are open to children under 16 at the time of application; if a child already has a Stocks & Shares Junior ISA or a Child Trust Fund, the existing account can easily be transferred to Beanstalk.

The app has been created by the team behind KidStart and aims to help families to save money for their children on shopping at around 2.2k retailers.