Six million children will be able to get a better deal on their savings from April 2015. From that date child trust funds (CTFs) can be transferred to junior Isas (Jisas), which pay much better rates.
CTFs were introduced by the last government to boost saving for children. All babies born between September 2002 and January 2011 were eligible for a CTF. The government paid £250 into every account at birth and a further £250 when the child turned seven – assuming the child came from a fairly poor family.
Parents and others can contribute up to £3,720 a [...]
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