Junior ISAs launched for families

Junior ISAs

Junior ISAsIf you've found it tricky saving towards your child's future during these difficult economic times, the newly launched Junior ISA could provide a much-needed helping hand.

The kids savings product, which is officially launched today, could help as many as six million children to build up a savings pot with the support of their parents.

A £3,600 yearly limit will apply on the kitties, while holders of adult ISAs will find a lot of crossover with the accounts they already pay into.

A range of providers will be given the chance to make Junior ISAs available to the public, with banks and building societies among those set to get behind the scheme.

The launch of the new products will provide a welcome boost to families in light of the low interest rates and rising inflation levels which have taken a toll on their finances in recent months.

To learn more about your saving options, check out this guide to Junior ISAs.