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Beanstalk app review
Beanstalk enables the whole family to start saving into your child's Junior ISA through its mobile app.
What is Beanstalk?
Beanstalk describes itself as “the family app that invests in your kids”. It basically lets you open a stocks and shares Junior ISA (JISA) for your children, which parents, grandparents and other family members can all make contributions to. The idea is that the wider family clubs together to get a savings pot going for its youngest members.
How does Beanstalk work?
You can use the mobile app to open and manage JISA accounts for any or all of your children (plus there’s an adult stocks and shares ISA option as well should you want to have one for yourself).
The mobile app can be used to check the balance of the JISAs or add some more money in. There’s no minimum amount or regular contribution required, and you can see the accounts that you’ve opened all in one place.
You can also invite other family members or friends to “link” to a specific child’s account, and they can then make their own monetary contributions to that account through the Beanstalk app (which they will have to download). The people gifting money can also send messages through the app – for example, if they’re putting some birthday money into the account as a present.
Another interesting feature of Beanstalk is the ability to “round up” the change from your shopping transactions and add it to the accounts you’ve opened in the app (and you can choose to have it shared out equally across all the accounts).
What are the fees for Beanstalk?
The app is free to download and use, with no fixed monthly or minimum fees. Beanstalk’s annual fee is 0.5% of the account value.
Is Beanstalk safe?
Beanstalk is FCA regulated, and its customers’ money and investments are held under FCA client money and custody rules by its authorised investment platform provider. Investments are covered up to £85,000 under the Financial Services Compensation Scheme.
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