Sales of Junior ISAs (JISAs) soared in 2012-13, government figures show.
Some 295,000 new accounts were opened in the tax year - with a total of £392m invested - compared to the 71,000 sold in the six months following the products' launch in November 2011. However, the average amount invested has gone down from £1,623 to £1,327 in the same period. Family and friends can invest up to £3,600 tax free into the products. Junior ISAs replaced Child Trust Funds (CTFs), which were savings accounts for children born between 1 September 2002 and 2 January 2011 and included cash vouchers of up to £250 given out by the government. The Treasury is currently consult...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes