Offering Isa rates to kids is encouraging, says moneysupermarket.com
www.moneynews.co.uk > Banking > Offering Isa rates to kids is encouraging, says moneysupermarket.com
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Money News |
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Offering Isa rates to kids is encouraging, says moneysupermarket.com
Wed 27th Oct 2010
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Kevin Mountford, head of banking at the firm, suggested it is this kind of innovation that is necessary if the UK is going to develop a savings culture.
"It is encouraging to see that the government has listened to the negative press surrounding the withdrawal of Child Trust Funds (CTFs)," he said.
However, he was quick to stress that Junior Isas will not benefit children as much as the recently scrapped financial product.
Mr Mountford accepted that the state had taken the initiative to make amends, but noted that the interest-free allowance on the new savings proposition will not match up to the £250 that was handed out for those who signed up to CTFs.
Junior Isas will lock in savings until a youngster reaches adulthood, but there will be no contribution from the government.
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Related News : Banking |
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