Definition of junior ISA
Definition of junior ISA
Junior ISAs (individual savings accounts) became available in November 2011. The key features include:
• Junior ISAs are available to those children who do not have a Child Trust Fund;
• All returns on these savings accounts will be tax-free and children will be able to have one cash and one stocks and shares Junior ISA at any time; and
• Annual contributions are capped at £3,840 between 6 April 2014 and 30 June 2014, increasing to £4,000 from 1 July 2014.
From April 2015 cash in a Child Trust Fund can be transferred to a Junior ISA.[1]