Beanstalk Junior Depot - sustainable saving with the whole family

Financial planner apps, known from "Dragons' Den," have become a widespread financial tool, making saving and investing easy and practical for consumers. The Beanstalk app makes saving particularly family-friendly, helping families and friends save money together for their children's future.

Beanstalk offers ISA accounts for adults and Junior ISA accounts for children. “Individual Savings Accounts” are tax-advantaged savings and investment accounts available in the UK. They allow holders to invest money in various forms, such as cash, stocks, and bonds, without paying taxes on the earnings or gains. There are different types of ISAs, including Cash ISAs, Stocks and Shares ISAs, and Innovative Finance ISAs, allowing investors to choose based on their financial goals and risk appetite.

The Beanstalk ISA is a Stocks & Shares ISA. A minimum balance of £10 is required to open a Beanstalk ISA, but no regular deposit is necessary.

A Junior ISA is a tax-efficient way to save or invest for a child's future. Beanstalk offers two types of Junior ISAs: Cash or Stocks & Shares.

Each child can have only one account of each type. The child must be a UK resident and under 16 years old at the time of application. Existing Stock & Shares JISAs or Child Trust Funds must be transferred to Beanstalk.

You can invest in two funds offered by Beanstalk. The two funds are the Fidelity Global Index Fund, which aims to track the performance of global stock markets, and the Legal & General Cash Trust Fund, which aims to provide returns in line with money market rates. Your contributions will be split between the two funds according to the allocation you set during application, which can be changed through the app after account setup.

The Beanstalk app offers several benefits, enabling investors to invest in financial markets simply and effectively, with a focus on user-friendly, communal investing for children and teenagers.

Family members and friends can transfer money to a child's account via an invitation link or directly in the app, with a personalized greeting message visible to the parents in the Beanstalk app.

You can link accounts through government-supported Open Banking and round up purchases, investing small, regular amounts automatically.

Earn cashback rewards at numerous retailers, which are automatically deposited into your children's accounts.

To set up the Beanstalk app, follow these steps:

The Beanstalk app offers a clear platform to maintain control over your and your children's accounts. You can manage investments and view transactions at any time.

Create multiple child accounts alongside your own account, with one account per child.

The app provides a graphical overview of your investment plan. You can change your fund allocation at any time for free.

Send others an invitation link to the app, allowing them to send money gifts to your children's accounts with just one click.

Account holders' money and investments are managed by Custody Provider Seccl Custody Limited according to the Financial Conduct Authority's client money and asset rules. Seccl Custody Limited is authorized and regulated by the FCA. Investments are protected up to £85,000 by the Financial Services Compensation Scheme.

To find the right junior custody account, parents should compare several providers. Discover more junior depots in our tests!