An ISA for children is, in effect, very similar to the individual savings accounts that many adult citizens can take out. They are also tax free and can have up to £4,000 paid into them each tax year.
UK children will be eligible for one of these ISAs if:
- Their date of birth is the 03/01/2011 or thereafter
- They were born before this period, are under 18 and did not have a government child trust fund
Another important point to remember is that although these ISAs for children present some obvious tax benefits, they are not Child Trust Funds, and the Government will therefore not be contributing. To get a FREE Junior ISA pack see the table below: