Any UK resident adult aged 18 or over can open a First Steps Account to invest for a child.
£50 (either as a one off or regular payment).
Anyone can. You don’t have to be the parent, guardian or any
relation of a child to open a First Steps Account.
The adult who opens the Account. You can think of our First Steps Account as a way to hold and track the investments you are making for a child separately from those you are making for yourself.
There are no tax advantages. And because the investments belong to the Account holder, if they die the First Steps Account will form part of their estate and the child won’t have any direct claim on them.
£3.33 a month to hold a First Steps Account with us. You will also pay charges on the investments you hold and for any transactions you ask us to carry out. Read our Charges Guide for the details.
If you're more concerned about keeping control over the account than the tax advantages then a First Steps IDA might be for you. If not and you're a tax payer, it makes sense to use your Junior ISA allowance before saving for your child in an Investment Dealing Account.
With a Junior ISA and Child SIPP your child is the owner of investments you make for them. From 18 they get control (even if that doesn’t stretch to taking money out in the case of a Child SIPP).
If you’d rather keep control until you feel your child is ready, think about a First Steps Account.
IMPORTANT! Please read our product guide before deciding whether a First Steps Account is right for you and your child.
There are no limits to how many First Steps Accounts can be open for the same child. And up to four adults can be joint holders on one Account.
When the child reaches 18 you don’t have to transfer the Account into their name. You are completely in control. But we change it into a regular Investment Dealing Account at that point, which means the Account fees will change to £10 per month.