Junior ISAs, which launched in 2011, appear to be increasing in popularity
Any child under the age of 18 can have a Junior ISA and £9,000 a year can be put in for them, for tax-free returns
The benefit of a junior ISA is that all interest or returns through the account are tax-free, and up to £9,000 can be paid into a junior ISA per child each tax year. Only parents can open one on behalf of a child, but grandparents or anyone else can pay into it. “Junior ISAs can help with the financial mountains that young adults have to climb, such as the costs of a higher education, buying a first vehicle or, or getting married and starting a family. But because they cannot be accessed until age 18, junior ISAs are not suitable for supporting costs like school trips or books,” says Jason Hollands, managing director of Bestinvest.
For those who like the idea of a cash junior ISA, where a set interest rate is paid, these are typically offered by high street banks and building societies, as well as NS&I. The top interest rates offered are currently 4-5 per cent.
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