Children’s savings will be given a boost this month with the launch of the Junior Individual Savings Account (Jisa). The Jisa is a mini version of the popular and tax friendly Individual Savings Account (ISA).
Instead of being available to adults, it is aimed mainly at parents and grandparents who want to save on behalf of their children or grandchildren.
The account is held in the child’s name but opened and managed by the adult and the child can take control when they reach 16. The objective is to provide a tax-free fund by the age of 18 that can be used to meet university fees, act as a deposit on a home or perhaps buy a car.
You can read more about the Jisa including useful questions and answers at thisismoney.co.uk