The long awaited Junior ISA (Individual Savings Account) is launched today.
The Junior ISA will replace the Child Trust Fund, which was introduced by the last government, and was aimed at producing a lump sum of money for children as they turned 18.
In many ways the Child Trust Fund was a flop with only one in five accounts being added to by parents or grandparents, leaving most accounts with just the government contributions.
Child Trust Funds received a government contribution of £250 when a baby was born plus an additional payment when the child reached the age of seven.
Unlike the Child Trust ...