those with existing Child Trust Funds, or who were eligible
for one, they will not be permitted to be open Junior ISAs.
Only those who were not eligible for a CTF will be able to take
advantage of the new ISA.
of course disadvantages that anybody considering opening A Junior
ISA will need to consider. First and foremost the fact that
any monies invested in the Junior ISA cannot be withdrawn for
as long as the account holder is under the age of eighteen,
no matter what unexpected financial hardship may be encountered
during the intervening period.
the junior ISA account holder is the sole owner of the account,
and those contributing will have absolutely no say over what
he or she does with the money if and when it is withdrawn.
as with any savings account there is of course the potential
for inflation to erode the value of anything invested in the
Junior ISA, even after interest received has been factored in.
As of November
2011 about six million children living in the United Kingdom
were eligible for Junior ISAs, and each year thereafter around
another 800,000 newborns will also qualify. Unlike with CTFs
there is no government contribution made towards savings held
in a junior ISA0
Junior ISA deals online at the above junior ISA comparison websites
and providers, and see if a junior ISA is the right product