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Wombat launches low-cost JISA following surge in demand among young parents
Micro-investing platform Wombat is launching one of the lowest cost Junior ISAs (JISA) in the UK following surging demand for the tax-free wrapper from its fast-growing base of investors.
From 1 May, investors can access Wombat’s carefully curated range of funds and stocks through a JISA for an annual charge of just 0.10% per year, with a subscription fee of £1 a month. Savers can invest as little as £10.
The Wombat JISA will give savers access to a wide range of features and investments, including theme-based funds, fractional trading in big brand shares, spare change round ups and unlimited commission-free investing.
The move comes as Wombat, which launched in 2019, recently surpassed the 300,000 user mark in the UK, just three years after launch. As its investor base has continued to expand, demand for its existing Stocks & Shares ISA has surged, with Wombat seeing double-digit monthly growth in new sign-ups for the tax-free wrapper.
“We spend a lot of time asking our customers what they want to see from us next and the clear consensus has been a Junior ISA,” says Kane Harrison, CEO and co-founder of Wombat. “Increasingly, our users are starting families and want to set their children on an investing journey like their own, using the best savings vehicle possible.
“While the tax-free advantages of JISAs are key, we think it’s vital that parents and other investors are not baffled by thousands of funds and stocks when it comes to making investment decisions. That is why we carefully narrow down their options so they can choose from our best of breed funds and stocks, taking the hard work out of the process while ensuring they maintain total control over how their contributions are invested.”
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