Thanks to financial constraints imposed on the country by the credit crunch and recession, Child Trust Funds (CTFs) are no longer available for children born after 2nd January 2011.
Unfortunately, the under-16s cannot hold Individual Savings Accounts (ISAs), while 16- to 18-year-olds can only have a cash ISA for up to half the overall annual allowance for an adult (currently £10,680). While a higher amount than CTFs, being invested solely in cash means that the real value of the money will fall, since interest rates seldom beat inflation.
To read more please click here (this is a link to the website of Business & Personal Investment Limited).
