Junior ISA Savings Increase
Published / Last Updated on 28/07/2013
Junior ISA Savings Increase.
Government figures have shown that sales and the use of Junior ISAs (JISAs) have soared in 2012-13. The launch in 2011 saw 71,000 sold in the first 6 months, in the tax year between 2012-13 there were 295,000 new accounts opened resulting in £392 being invested.
This seems like a good increase but the amounts being invested have declined with only £1,327 being invested, down from the £1,623 seen in the same period before. In a JISA the total that can be invested is £3,600 into tax free products.
Our View
Junior ISA's (JISA) are the replacement savings vehicle for child trust funds for children. If you need advice on saving for your child or children, contact the team.