Lloyds TSB launches Junior Cash ISA at 3%
Lloyds TSB today announces that it will offer a Junior Cash ISA, making it the first of the major high street banks to do so. The Lloyds TSB 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 Lloyds TSB 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 help fund their university education or help them take that first step on the property ladder.
“We are delighted to be the first of the major 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.”