Children with over £200k in Junior ISAs doubles in a year

The number of children holding more than £200,000 in a Junior ISA has doubled in a single year, according to new data obtained from HMRC — and financial planners say the trend is accelerating.

A Freedom of Information request by NFU Mutual found that 90 children held Junior ISA pots worth over £200,000 in the 2023/24 tax year, up from 50 the year before. Those with more than £100,000 saved more than doubled over the same period, rising from 1,080 to 2,250.

A separate FOI request by Murphy Wealth revealed the 25 highest-value Junior ISAs in the UK now hold an average of nearly £400,000 each.

The figures reflect years of consistent contributions, strong equity market returns, and — more recently — the impact of higher interest rates on cash Junior ISA returns. Experts suggest the current totals are likely even higher, as the data covers 2023/24 and markets have continued to perform since.

Total subscriptions reached 1.37 million accounts in 2023/24, up from 1.25 million the previous year, with £1.8 billion contributed across cash and stocks and shares accounts.

Inheritance tax changes are also playing a role. With unspent pensions set to be brought into the inheritance tax net from April 2027, grandparents and parents are increasingly looking at Junior ISAs as a legitimate and tax-efficient way to pass wealth down to the next generation.