Junior ISAs should prove beneficial to those of us who want to put some cash aside on behalf of our youngsters.
And Lloyds TSB, which is set to launch a new Junior ISA itself, has called on ministers to relax some of the rules surrounding the products.
It said the Government should consider letting parents open a Junior ISA even if they already have a Child Trust Fund (CTF). Currently, people are unable to apply for one of the junior accounts if their child has savings in a CTF.
Greg Coughlan, head of savings for Lloyds TSB, said: "In order for all parents to get the maximum choice of deals, the Government needs to urgently review its policy of restricting access to the Junior ISA for those that were eligible for a Child Trust Fund."
A tax-free limit of £3,600 currently applies to Junior ISAs.
The bank said it will launch its own Lloyds Junior Cash ISA on 13 February, with a rate of 3% AER set to apply to the account.