Can I open an ISA for my children?

Children under the age of 18 are entitled to have an ISA account - called a junior ISA and works pretty much in the same was as a standard cash ISA.

However, if your child already has a Child Trust Fund (children born between 1st September 2002 and 2nd January 2011) they will not be eligible - junior ISAs were set up to capture those children born once the government-led scheme had expired.

Unlike the Child Trust Fund, the government does not contribute to junior ISA accounts - they must be set up by the parents and will be managed by the parents until the child reaches the age of 16, when they are free to take over the management of the account.  Although they will not be allowed to touch the money until they reach the age of 18, as the money is locked in until then. 

At the age of 18, the account holder may choose to cash in the value of the ISA or it will roll over into a standard cash ISA.

The personal allowance limits differ slightly from a standard cash ISA.  The limit in 2014/15 for a junior ISA is £3,840.

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