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Ensuring the security and safety of our community's financial assets and personal data is fundamental to Life Bird’s mission and core values. Here's a summary of how we ensure this:

‍Data Encryption: Life Bird uses a strong encryption method called AES 256-bit encryption, to protect your personal and financial data, ensuring it's secure during transmission and storage.

‍Regulatory Compliance: As a financial service provider, when we launch, Life Bird will be regulated by the Financial Conduct Authority (FCA) to maintain the highest level of security and operational integrity. This means we adhere to strict rules and guidelines designed by the UK government to protect consumers and their money.

‍FSCS Protection: Savings in a Junior ISA with Life Bird are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS), providing an additional layer of security for the funds. This means that in the unlikely event of Life Bird closing, all of your child’s funds are protected up to £85,000. This is the same scheme adopted by regulated UK banks.

‍Secure Transactions: Utilising secure payment gateways and processes including Apple Pay, Google Pay, Open Banking Payments and Stripe, helps safeguard your money when making transactions within the app. 

‍Continuous Monitoring: When we launch, constant monitoring by our engineering financial crime team for suspicious activity and potential security threats will help protect your account from unauthorised access or fraud.

Sending and receiving money on Life Bird is free – we don’t charge anything for members of the flock to send eggs to the nest and into their Junior ISA, however big or small the payment. There are also no fees for recurring Direct Debit or Open Banking transactions.

There are no fees for members of the flock to download and use Life Bird to view Bird Watch, comment on posts or interact with the flock.

For each savings nest and Junior ISA you open, Life Bird charges a monthly membership fee of £2.99/month, which is collected automatically from your child’s Junior ISA balance. Get started for free for the first 30 days and cancel anytime. If you have multiple children with Junior ISAs open with Life Bird, you pay £2.99/month per child.

We also charge an annual platform fee of 0.45% on the total amount in your stocks and shares JISA – this is billed and collected monthly, directly from your child’s JISA balance. For example, with a £1,000 savings balance in their JISA, the annual platform fee would be £4.50 or £0.38 per month. There is a also a fee charged by the fund manager which depends on which Life Bird JISA you choose.

Transferring an existing JISA across to Life Bird is free.

We charge additional fees for the Life Bird pocket money account, customised payment band, Bird Box subscription and other optional add-ons that make your Life Bird experience even better.

When your child turns 18, their Life Bird Junior ISA (JISA) transitions to give them full control over their account, aligning with the legal regulations governing JISAs. They can take control of the account when they're 16, but cannot withdraw the money until they turn 18. Here's what happens:

‍Transition to Adult ISA: The funds in the JISA become available to your child, and the account can be converted into an adult ISA, allowing them to continue enjoying the tax benefits while having full control over their investments and savings.

‍Access to Funds: Upon turning 18, your child gains full access to the money saved in their JISA. They can choose to withdraw it, invest it further, or a combination of both.

‍Notification and Guidance: As the account holder approaches their 18th birthday, Life Bird will notify both you and your child about the upcoming transition and provide guidance on the available options and next steps. We work with a range of ISA partners offering competitive adult ISAs and can handle the smooth transition into an adult ISA if this is what they choose.

‍Account Management: Once the transition is complete, your child will have the autonomy to manage their account, make investment decisions, and set new financial goals for their future.

The transition process is designed to empower young adults to take charge of their financial future, using the foundation and knowledge they've gained through Life Bird to make sound financial decisions.

Yes, you can transfer an existing Junior ISA (JISA) to Life Bird. The process is designed to be straightforward and hassle-free to ensure your child's savings are seamlessly moved over. When you choose to transfer a JISA to Life Bird, here's how it works:

‍Initiate Transfer: Within the Life Bird app or website, you'll find an option to transfer an existing JISA. You'll need to provide details about the current JISA provider and the account.

‍Authorisation: Life Bird will require some authorisation from you to initiate the transfer process. This involves filling out a transfer form and providing electronic consent within the app.

‍Handling Paperwork: Life Bird will manage the communication and paperwork required to facilitate the transfer from the current provider to Life Bird.

‍Transfer Process: The transfer time can vary depending on the current provider's processes, but Life Bird will keep you informed throughout the process via notifications and emails.

‍Completion: Once the transfer is complete, the funds will be available in your child's Life Bird JISA, and you can start managing the investment according to the options provided by Life Bird.

Life Bird ensures that your child's funds continue to benefit from the tax-efficient status of a JISA throughout the transfer process, and they aim to make the transition as smooth as possible to avoid any disruption to your child's financial growth journey.

Junior ISAs (Junior Individual Savings Accounts) are long-term, tax-free savings accounts for children in the UK. They offer a way for parents, guardians, and family members to save for a child's future, with the funds being locked until the child turns 18. Here's how they benefit your child:

‍Tax-Free Savings: Any gains from investments or interest earned within a Junior ISA upto the value of £9,000 a year  are not subject to tax, maximising the potential growth of the savings.

‍Long-Term Growth: Since the funds are locked until the child turns 18, the money has time to grow, potentially offering a substantial sum that the child can use for education, a house deposit, starting a business or exploring the world, for example.

‍Investment Options: Junior ISAs come in two types – cash Junior ISAs and stocks and shares Junior ISAs. This offers flexibility in how the money is saved or invested, catering to different risk appetites and financial goals. Life Bird offers stocks and shares JISAs – these are statistically proven to provide better returns over a long period of time, when compared to cash ISAs.

‍Financial Responsibility: Introducing children to the concept of saving and investing early on can teach them valuable lessons in financial responsibility and planning.

‍Family Contributions: Family and friends can contribute to the child's Junior ISA, helping to build the savings. The annual contribution limit for the 2023/2024 tax year is £9,000, which adjusts periodically. Life Bird makes this fast, fun and easy with free flocks, eggs and savings nests.

‍Controlled Access: The child gains control of the account at 16 and can access the funds at 18, offering them financial autonomy and a resource to start their adult life.

By providing a tax-efficient way to accumulate funds, Junior ISAs serve as an excellent tool for securing your child's financial future and teaching them about the importance of saving and investment.