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New Junior ISA at Wesleyan

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

The minimum opening balance is just £10 and the current maximum investment limit is £3,600 per tax year. Interest is calculated daily and added to the account on an annual basis on April 5.

Commenting on the launch, 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.”

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