By beginning to save early, you can set your children up for a secure financial future. Junior ISAs allow you to save and invest for a child under 18, with the added benefit of tax-free earnings. This means the money you contribute can grow more rapidly.
You can open a Junior ISA for your child if they are under 18 and live in the UK. Children born between 2002 and 2011 might have a Child Trust Fund (CTF), which can be transferred into a Junior ISA.
If the CTF is not transferred, the child will still be able to access the money when they turn 18. Alternatively, they can choose to transfer it into a regular cash ISA.
The Junior ISA limit for the tax year 2024/25 is £9,000. If contributions exceed this amount, the excess will be placed in a savings account held in trust for the child.
