Help & support
Children’s Savings FAQs
Opening a plan
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Can anyone open a plan for a child?
Only a parent or guardian of a child can open a Junior ISA for them.
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Can my child have a Junior ISA if they already have Child Trust Fund?
If your child already has a Child Trust Fund you can switch this to our Junior ISA by contacting our Customer Services team, however you cannot open a new Junior ISA for a child who still has a CTF in place.
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Can I open more than one savings plan for my child?
You are not limited to one savings plan for your child, however, you can only have one Stocks and Shares Junior ISA, to which you can contribute £9,000 each tax year. You can open one plan per child.
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When will my child receive an ‘ISA boost’ in their Junior ISA?
The ‘ISA Boost’ will be paid within 30 days of the first monthly deposit being received into your child’s Junior ISA. Please note that this is dependent on the terms and conditions of the offer, including that it cannot be used in conjunction with any other offer.
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When will my Direct Debit show on my plan?
Once your Direct Debit payment has been taken from your bank account, it can take up to three working days to show up in your Junior ISA.
Information about your plan
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Will my child’s savings be taxed?
There will be no tax applicable to the final pay out of any money invested in any of our children’s savings plans. The growth of the plan will also be tax-efficient.
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Who can pay into a Junior ISA?
We’ll accept contributions from anyone who wishes, up to the annual allowance. The plan must be opened by a parent or guardian, though.
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How much can I save in a Junior ISA?
The Junior ISA annual allowance is set by HM Government, and it currently stands at £9,000 (correct as of the 2023/24 tax year).
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How can I pay into each plan?
The Junior ISA allows you to contribute to your child’s savings with one-off lump sum payments at a minimum of £100, monthly Direct Debits starting at £10 a month, or a mixture of both. The maximum that you can contribute to a Junior ISA is set by HM Government and currently stands at £9,000.
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How is my child’s money invested?
We invest your child’s money in our With-Profits Fund, a medium to low-risk fund invested primarily in stocks and shares with the aim of achieving higher growth over the long-term. However, growth is not guaranteed and depends on the performance of the plan.
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Is there an interest rate?
We aim to pay a quarterly bonus into Junior ISA plans and an annual bonus into Young Saver Plans and Junior Money Makers, which will reflect the performance of the With Profits fund over the previous year.
Please remember that past performance is not a guide to how the plan could perform in the future, and although we can never take bonuses away once they have been paid, this is not guaranteed in years when performance is particularly poor.
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What if my child has a University Savings plan but doesn’t want to go to university?
If you open a plan for a child and they later decide not to pursue higher education, they will of course still receive the full tax-free lump sum when they reach age 18, or after 10 years, whichever is later. They can then use this as they wish for a housing deposit, a first car or help them with the first step of their career.
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I have a University Savings Plan – what if my child wants to take a gap year before going to university?
You can choose whether to give your child the full maturity amount as soon as they reach 18 or pay them a set amount annually for three years until they reach age 21. In the event of a gap year they can either receive the money before they go to university, or once they start.
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Is the money I invest with Shepherds Friendly protected?
Yes. Any money invested with Shepherds Friendly Society is covered by the Financial Services Compensation Scheme. The maximum level of compensation is currently 100% of the claim with no upper limit (correct at time of publishing – October 2025). The actual level of compensation you receive will depend on the basis of your claim.
Find out more information about the Financial Services Compensation Scheme.
Managing your plan
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How can I find out what the value of the plan is?
You can view the investment value of a Junior ISA via your online login area or mobile app. Alternatively, you can phone our member services team.
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Can I manage the account online?
Yes, you’re able to manage your child’s investment via your online login area or mobile app.
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Can I change how much I pay into the plan?
You can change how much you contribute to your child’s Junior ISA, provided you stay within the maximum limits. As well as being able to start, stop, raise and lower your premiums, with our Junior ISA you can also add in one-off lump sums if you want to. You can do this via your online log-in area or via the mobile app. Alternatively, you can call our member service team.
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How can I add money to a Junior ISA?
You can add one-off payments to your child’s account when you like. You can do this via your online login area, mobile app, or by contacting our Member Services team.
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Once the plan has come to an end, when will my child receive the money that has been saved?
As long as your plan is up to date, we will typically pay out the money that you have invested 5-10 working days after we have all the necessary documentation to make the payment, such as your child’s bank account details. We will also contact you regarding this, before your child’s 18th birthday.
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Do I need to do anything to instruct Shepherds Friendly about payment upon maturity?
We’ll contact you to discuss payment options prior to the maturity of the plan.
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How will I receive the money invested once the plan matures?
Money invested with Shepherds Friendly is paid to the child for whom you have been saving. Money can be transferred by BACS directly into a bank account or can be sent to the child as a cheque.
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What if my child wants to keep saving?
If they have a Junior ISA then you can request for the money to be transferred into our adult Investment ISA. There is no charge for this, and they will then be able to set up payments into the account to suit them.
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The plan is a surprise 18th birthday gift; can the money be paid to me?
No. The money can only be paid out to the child. However we can send a cheque, which will be made payable to the child for whom you have been saving. We will however need some notice of this is what you would prefer.
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How can I withdraw money from the plan?
The money you have invested will be held until the child who you are saving for turns a minimum of 18 years old. There are some exceptional circumstances and these can all be found in the Terms & Conditions included with the plan document.
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How easy is it to change my Direct Debit or my bank details?
You can change your Direct Debit or bank details by contacting our Member Services team. Or, you can contact your bank to cancel your Direct Debit and set up a new one via your online login area or mobile app.
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What if I can’t maintain payments into the plan?
For the Junior ISA there is no regular payment required, so you can choose to reduce or cancel your monthly payment.
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How do I inform Shepherds Friendly of change of my address?
You can update your personal details in your online login area or via the mobile app. Alternatively you can can call our member services team who would be happy to help.
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Is there a charge for managing the plans?
Adult ISAs
We deduct charges from your investment to cover our expenses and the cost of administering and managing your investments.
For our with profits Investment ISA the charges are deducted from the investment growth prior to bonuses being declared; this is currently an annual management charge of 1.5%.
For the unit linked Stocks & Shares ISA there is an annual management charge of 0.75% that is applied to the unit price. For more information, please see Guide to Unit Linked Investing for more information.
5 Year Fixed Rate Bond
There are no explicit charges for the 5 Year Fixed Rate Bond. The plan has been created to incorporate any charges we may incur. ”
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How do I cancel my plan?
Adult ISAs
From the day you open a with profits Investment ISA you have a 30 day cooling off period to cancel it should you change your mind. If you cancel within this timeframe, 100% of the money you put in will be returned to you. If you cancel after the 30 days, you can request your cash-in value and we will organise the lump sum to be paid into your account.
If you cancel your unit-linked Stocks & Shares ISA within the 30-days or after, the amount you get back will be based on the price the next available trading window after your request has been processed. This means you may get back less than your initial investment.
Please note: After the 30 days cancellation period, under ISA rules you will be treated as though you have subscribed to a Stocks and Shares ISA and therefore any investment made will count towards your annual ISA allowance.
To cancel or cash in your plan, please email our Member Services team on members@shepherdsfriendly.co.uk with your full name and plan number.
5 Year Fixed Rate Bond
Once your application is accepted, you can cancel your plan within the first 30 days of opening it. You can do this by contacting our Member Services team via email at members@shepherdsfriendly.co.uk or via telephone on 0800 526 249. If you do so within this period, we will refund all the money you have invested. After the 30 days cancellation period you will not be able to withdraw money from the Bond unless there are exceptional circumstances.
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How can friends and family add money to my child’s Junior ISA?
Family and friends can make a one-off payment over the phone, all they need is your child’s name and date of birth. They can make regular payments by setting up a Direct Debit, they can do this by contacting our Member Services team.
Our Member Services Team are always happy to help. You can call them on 0800 526 249
or email us at info@shepherdsfriendly.co.uk
