Mr McMurrich comments there is a concern over the lack of "control" as when the child hits 18, the control passes to the child, regardless of "their attitude to money at such a time."
As money held in a Jisa cannot be accessed until the child turns 18, Jason Hollands, managing director of communications for TilneyBestinvest, comments that Jisas are not so helpful for school fees.
He says: "Jisas can be helpful for accumulating a pot of assets to help provide the child with a financial boost at the start of adulthood - for example paying university fees."
However, he adds: "these are not appropriate for financing costs during their childhood years, as the funds cannot be accessed until the child is 18 years old, and then the assets are legally theirs."
Ms Nelson adds: "Perhaps the biggest concern for parents is the fact that when the child turns 18 they have no say on how the money set aside is spent.”
According to Robin Baker, adviser for Eden School Fees Planning: "We normally avoid children-specific investments for school fees purposes.
"While these have their benefits, they lack the required flexibility to help pay school fees. Jisas can help with university costs, however, as parents who can save the full £4,080 a year will find over 18 years this could lead to a significant fund."
Mr McMurrich says if parents do opt for an Isa or a Jisa route, "a simple, straightforward, multi-asset risk-appropriate portfolio works well for Jisas.
"There may be several sources contributing and parents might not want to make decisions daily about the investments or react to ever-changing market conditions.
"It's the discipline of regular saving and the diversified asset exposure which will benefit the child when they hit 18."
Children’s savings
For those considering a less risky form of investment, with some flexibility, there are some savings accounts similar to adult savings accounts.
Some friendly societies still offer schemes where the initial £300 a year enjoys tax benefits. Many of these can be opened with only a few pounds, for those parents who may be a little cash-strapped in the short term.
When opening a children’s account you will be asked to sign a R85 form so the child will receive gross interest without any tax deduction.
Ms Nelson comments: “As with adult savings accounts the best rates are often with a fixed term period; however you should assess whether the child would need access to the money to make sure they get the best account to suit them.
