Since the announcement of the launch of the Junior ISA for the 1st of November 2011, Family Investments has stated that the account will be available with them from the very first day.
Family Investments is already a provider of the Child Trust Fund and is also the most popular provider of children’s savings accounts in the UK.
Chief executive of Family Investments, John Reeve explains the Junior ISA as such: “While the new product is an ISA in name, it has more in common with the its predecessor the CTF (Child Trust Fund). The Junior ISA allows parents, grandparents and anyone interested in a child’s future to make deposits over an eighteen year period which cannot be withdrawn. Parents value the protection that a product like this offers as there is no temptation to dip into these funds.”
Creating a culture of saving in the UK has been a long-term goal for the coalition government for some time. However, a lack of appropriate accounts which are both tax efficient and inflation beating has proven a problem for many savers during the economic crisis.
Speaking on the day that the launch of the Junior ISA was announced, Mr Reeve noted, “By the time the Junior ISA launches in November, 700,000 children will have been born in Britain since the start of the year. Today’s announcement will increase the likelihood of every child having a financial asset when they turn eighteen.”
Mr Reeve also added: “We urge the government to stick to its planned timetable for introducing the Junior ISA so that parents can begin saving as soon as possible.”
Will you be investing in the new Junior ISA? Let us know what you think