Bank of Scotland launches Junior Cash ISA at 3%
08 February 2012
Bank of Scotland today announces that it will offer a Junior Cash ISA, making it the first of the major high street banks in Scotland to do so. The Bank of Scotland Junior Cash ISA will be available from 13th February 2012, and will be offered at a tax free flat rate of 3% AER.
Greg Coughlan, head of savings for Bank of Scotland said:
“Saving for a child’s future is increasingly important as more and more young adults are becoming reliant on their parents to fund some of the most basic costs of living. The Junior ISA allows parents to set aside money throughout their child’s life in a tax efficient way, building that all important nest egg which could either support them financially through university or help them take that first step on the property ladder.
“We are delighted to be the first of the major Scottish high street banks to announce such an account for customers. However, in order for all parents to get the maximum choice of deals, the Government needs to urgently review its policy of restricting access to the Junior ISA for those that were eligible for a Child Trust Fund.”