On March 31, 2011, the UK government released details of its plan to replace the now defunct Child Trust Fund with a new type of tax free savings account for children in November. How will the Junior ISA work and how it will affect families who already have a CTF?

Junior ISAs Will Not Be the Same as Regular Individual Savings Accounts

The Junior ISA will be a form of Individual Savings Account and will share some characteristics with products currently reserved for adults. When its term comes to an end (i.e. when the child reaches the age of 18), it will be converted into a standard adult ISA. Before this time, however, it will not work in exactly the same way and has taken on some regulations that more closely mirror Child Trust Funds.

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