Wesleyan launches Cash Junior ISA

Wesleyan has launched a Cash Junior ISA paying 2.75% AER tax free (variable). This tax-efficient child savings product is available for children under the age of 18 who do not already have a Child Trust Fund.

Product features:

A competitive rate of 2.75% AER tax free (variable)
Minimum opening balance of just £10 required, with a current maximum limit of £3,600 to be invested per child per tax year
Interest is calculated daily and added to the account on an annual basis (5 April)
Anyone can pay into a child's Junior ISA, for example, parents, grandparents, family or friends to help save for a child's future
Withdrawals from Junior ISAs can only be made by the child when they become 18. Parents or guardians are unable to access the investment, except in cases of terminal illness or death of the child
No hidden charges or introductory bonus rate

Commenting on the launch of the new product, Wesleyan Marketing Director Samantha Porter said: "Junior ISAs offer a great tax efficient incentive for parents, other family members and friends to save for a child's future.  It's important they have a clear idea of what they want to achieve and select a savings product that is right for them and their child.

"Junior ISAs may not be appropriate for families who want to access their money before the child turns 18, for school fees for example.  In this instance parents might look at other long term savings options such as unit trusts or capital investment bonds.

"Saving for your child's future is an important priority and requires time and consideration. It's essential to look at all of the available options and take specialist advice where possible."

Anyone with parental responsibility can open a Junior ISA, or the child themselves can open the account if they are over 16. When the child reaches 16, they can choose to take responsibility for managing their own account, but will not be able to access the money until they reach 18 when they will automatically take full control of the investment.

For more information about the Wesleyan Assurance Society Cash Junior ISA, visit wesleyan.co.uk/about-us/wesleyanbank/juniorisa