Great Tax Free Savings For Your Child...
A Child ISA (officially named the ‘Junior ISA’ which stands for ‘Junior Individual Savings Account’) is a tax free savings account just like a regular ISA but for children.
Any interest earned within the account is tax free and the funds are locked away until the child reaches adulthood (18 years of age).
Because the funds are locked away, the Child ISA is a great savings platform to help provide a financial start to their adult life and can help to contribute to ever increasing and expensive university fee’s or even go towards a deposit on their first home.
The ISA for children offer great flexible savings which allows Grandparents to contribute and also any other family members / friends which have a vested interest in the financial future of your child.