Junior ISAs

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Yesterday (1st November 2011) the Junior ISA (Individual Savings Account) replaced the Child Trust Fund. This is a new account for parents to save for their child's future. Parents can save up to £3600 per tax year and the child will be able to access the account when they reach the age of 18. No tax is paid on any of the savings and the accounts accrue interest at a rate higher than a standard savings account so saving even a little money will grow over time until your child becomes 18. Unfortunately the Government will not contribute to the Junior ISAs as they did to the Child Trust Fund.

Family Investments, the UK's largest provider of Child Trust Funds have launched their own Junior ISAs and have put together a slideshow which provides a basic guide to the new accounts.

The content for this post was supplied by Family Investments in order to promote their Junior ISAs.