Junior ISA makes saving child’s play
Back to News & ViewsThe Loughborough Building Society will launch with a new Junior Cash ISA on 7th November.
The tax-free Junior Individual Savings Account (JISA) scheme has been introduced by the government to fill the gap created by the abolition of the previous Child Trust Fund and the first ones have become available from this month (November).
The Society’s Cash JISA is available to anyone under 17 who does not already have a Child Trust Fund and the maximum investment is currently £3,600 per tax year. JISAs can be opened with just £1 and can only be accessed by the child when they reach age of 18.
Initially, the Society's Junior Cash ISA will be available only to savers within its heartland LE, DE and NG postcodes and to the families of existing Society members living outside the area. It offers a competitive tax-free annual return of 2.2% variable.
Chief executive Gary Brebner said: “The Junior Cash ISA is a welcome addition to the savings market, offering a safe haven for long term investments made on behalf of children.
“Building societies, with their strong mutual heritage and long experience of dealing with children’s savings are ideally placed to offer such schemes.”
A number of terms and conditions apply to the Junior Cash ISA and full details can be found at the Society’s branches or website www.theloughborough.co.uk, or calling 01509 631960.