Juniors ISAs Available for Every Child
Juniors ISAs were created as a way for children who were not eligible for the Child Trust Fund to have access to a tax-free savings account. The eligibility ran out for the CTF if a child was born on or after January 3, 2011, but the first of the Junior accounts will be available on November 1, 2011. Both the Junior ISAs and the Child Trust Fund have their differences, but they also share some of the same rules, restrictions, and applications as well.
A few of the differences/features that make up Junior ISA are: UK children who are not a part of CTF can have one, money can be put into a stocks and shares account or a cash account, each child can have one of each accounts, amyearly limit of 3600 euros, Junior accounts turn into actual ISAs when a child turns 18.
The Junior account and the CTF both apply rules such as: Children cannot have money from the account until they are 18, the money is tax free, the child is allowed to be responsible for the account at 16, and many banks, credit unions, and family societies offer the accounts to anyone who would like to sign up.
