Beanstalk App Launches to Let Whole Family Save for Children’s Future

  • Posted by Real Wire
  • July 30, 2020 10:41 AM BST
  • 294 views

Brings Junior ISAs into the digital world – Open and manage savings and investments for your children from your smartphone in just 2 minutes with £5

Parents, relatives and friends can make regular top-ups, ad hoc contributions or round up everyday payments

London, UK – 30th July 2020 – Beanstalk, an app-based child savings and investment account that lets the whole family put money aside for their kid’s futures, launched today. It allows parents to open and manage Junior ISA accounts for all their children from a single app in just 2 minutes with only £5 – removing the barriers of traditional alternatives which often require visits to a physical bank branch with separate paperwork for each child and/or minimum contributions. The app is available for download for Apple and Android devices.

Beanstalk offers stocks & shares ISAs and Junior ISAs, so any returns are tax free and requires no minimum or regular contributions, combined with a 0.5% fee – one of the lowest on the market – meaning more is saved for you, your kids and their future. It allows parents to invite grandparents and other friends and family members to link to the children’s accounts and send/receive gift messages. When linked, family and friends can use their own apps to contribute in a way that best suits their own circumstances, including ad hoc top-ups and regular contributions. Beanstalk also supports round ups on everyday spending, money back on shopping through a unique integration with KidStart.

Case Study – “When I buy a coffee or go shopping, I’m saving for my child’s future”

Veli Aghdiran, 35, “I looked at setting up a savings account for my daughter, Carmen, when she was born, but it always seemed too complicated, with too many choices to make, I had no idea if I was doing the right thing or not. I’ve found Beanstalk to be very straight forward, I just downloaded the App and in two minutes it was all set-up. It’s so simple that the grandparents can quickly and easily contribute to Carmen’s future with none of the hassle of having to pay birthday or Christmas cash or cheques into the bank. The KidStart savings and round up functions mean that our shopping is adding to her savings, and even buying a coffee or sandwich can top up the account.”

“Today’s young adults are facing ever bigger expenses for their education and to get on the property ladder, and this is going the same issue when today’s children reach 18,” said Julian Robson, CEO and Founder of Beanstalk. “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.”

The app removes the complexity of choosing how savings are invested, by providing a simple choice of the percentage split between a global shares fund and a cash fund in whatever split parents want and which can be changed at any time using a simple slider interface. This represents a significantly easier and more accessible experience than alternatives which provide users with a list of complex and confusing investment options which turn off inexperienced investors.

Beanstalk has been created by the team behind KidStart, and builds on this heritage and experience gained over the last 10 years of helping thousands of families save millions of pounds for their children on shopping at over 2,200 retailers.

The Beanstalk Account is a simple and flexible account through which any contributions are invested at your choice in the funds on offer. The Beanstalk child account is a Stocks & Shares Junior ISA and requires no minimum contribution from the parent to open. 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.

For more information on how to open a Beanstalk Account and start investing in a Junior ISA for your children’s future, please visit https://beanstalkapp.co.uk/

 

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