With the government’s scrapping of the Child Trust Fund in 2010, cash ISAs for children could be the best way to save for your child’s future. For many parents, saving in a junior cash ISA could help them to financially provide for their children for following future expenses such as the following:
- Driving lessons and a car
- University fees
- Costs associated with moving out
Junior cash ISAs are available to all children under the age of 16 except those born between September 2002 and January 2011, who will already have Child Trust Funds. Furthermore, it is also not permitted to transfer Child Trust Funds to junior cash ISAs.
There are a lot of providers who are offering good rates on their junior ISA deals so make sure you take the time to look at a few different products.