Don't forget Child Trust Funds
TISA is reminding parents whose children hold a Child Trust Fund to review their investment when the new Junior ISA is launched on 1 November.
CTFs will run alongside JISAs and, crucially, will also benefit from the same maximum annual contribution level of £3,600 - an increase of £2,200 on the previous CTF limit.
Tony Vine-Lott, TISA Director General says: "Whether your child has a CTF or a JISA it is important to ensure that the money is in an account that best meets their needs - bearing in mind that this is a long-term investment of 18 years. I would urge parents with a CTF to make full use of the higher contribution limit and to regularly review the investment performance. Transferring a CTF - or a JISA - is a straightforward process."
TISA's last survey (15 June 2011) of more than 4 million CTFs, representing 71% of all CTF accounts, revealed that £19.6m is being paid into CTFs each month via direct debit subscriptions.
"Based on this, I expect the new JISA to be as equally as popular" commented Tony Vine-Lott. "There is a strong desire by parents to ensure that their children have a financial asset at 18. Both schemes allow family and friends to contribute towards this.
"It is often overlooked that schemes such as these also have the potential to improve the financial literacy of youngsters - it clearly demonstrates the benefits of regular saving over the longer term and that has got to be a good message to get across."
Children born between 1 September 2002 and 2 January 2011 who qualified for a CTF are not eligible to also open a JISA. All other children may have a JISA opened on their behalf.