Legal and General launches Junior Isa products

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Legal and General launches Junior Isa products

Financial service provider Legal and General confirmed today (July 29th) that it will be launching its own Junior Isa products from November this year.

The move comes following a government announcement in October 2010 abolishing the Child Trust Fund scheme to be replaced by Junior Isas later this year. The coalition and Treasury on Wednesday made significant alterations to the current regulations governing Isa rates, increasing them from £3,000 to £3,600 for young savers.

Speaking on Legal and General's wish to enter the cash Isa market for younger savers, marketing director Claire Evans said: "We believe Junior Isas are a great concept and welcome the increased limits as a positive start.

"Having a meaningful sum of money tucked away allows [young adults and savers] to make intelligent choices."

The Building Societies Association has also welcomed the government plans for Junior Isas, hailing them as "good news" for younger people.

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