Junior ISAs
Junior ISAs are available to any child resident in the UK (or dependant of a crown employee) who is:
- born on or after 3rd January 2011
- born before September 2002 and is under 18
- born between the above dates who do not have Child Trust Fund
Once opened by the parent or guardian, family members, godparents and friends of an eligible child can register to contribute into the Junior ISA, however the account must be held in the child's name.
The minimum initial investment is £500 (or £50 per month). The maximum £3,600 each tax year.
Additional Facts
- Unlike the previous Child Trust Fund, Junior ISAs will not be entitled to the £250 Government Contribution.
- The account must be opened in the child's name, but all correspondence will be sent to a Registered Contact.
- From the age of 16, a child could have a Junior ISA as well as an adult Cash ISA.
- By default, the Junior ISA will roll over into an Adult ISA on the child's 18th Birthday.
- The main difference between a Junior ISA and an adult ISA is that the money can not be accessed until the child reaches 18.
In line with Government Regulations, the Junior ISA will replace the Child Trust Fund (CFT) from 1st November 2011