Savings for children in Britain
A new tax-efficient children’s savings account, known as the Junior Individual Savings Account (ISA), is available from 1 November 2011. The decision to introduce the Junior ISA was unveiled last October following the announcement that Child Trust Funds (CTFs) would cease for babies born after 2010. Parents can either save in a Cash ISA or invest in a Stocks and Shares ISA.
Parents, family and friends can contribute up to £3,000 a year. Any child resident in the UK who isn’t eligible for a Child Trust Fund:
Children born on or after 3rd January 2011
Under 18’s born before September 2002
However, unlike CTFs, there will be no Government contributions to the Junior ISA.
