16 and 17-year-olds can save up to £19,000 tax-free this year under today's ISA revamp, meaning they could net £100s in interest if they put the maximum amount away.
Parents may be able to move cash from a Child Trust Fund (CTF) into a junior Isa (JISA) in future, as the Government has launched a consultation on the issue.
The Government will not allow parents whose kids have a Child Trust Fund (CTF) to convert it into a junior Isa, which could leave them languishing on paltry rates.
The last batch of parents whose offspring are eligible for the child trust fund (CTF) only have a few weeks to choose where to save or invest their free cash, or face having it automatically placed in a poor-paying or risky account.
A new tax-free children's savings account is set to be launched to encourage parents to set aside money for their offspring, the Government announced today.