The money that is saved from using a cash ISA can potentially used for a variety of different purposes, such as:
- School/college trips
- Travelling expenses
- University fees and cost of living
- Driving lessons and car expenses (insurance, tax, MOT)
In 2010, the government abolished the Child Trust Fund and in its place, the Junior ISA is a financial product that offers parents an alternative means of saving for their child’s future. In terms of eligibility, it is worth bearing in mind that you may not be able to transfer your savings from a Child Trust Fund to a Junior ISA. Furthermore, children who were born between 09/02 and 01/11 may not be permitted to open a Junior ISAm because they already have Trust Funds.