NS&I have today announced an increase of their Junior ISA interest rates by 25 basis points to 2.50% tax-free.
Previously, the ISA had a maximum annual subscription limit of £4,128 which, following the increase is now £4,260 for 2018/19 whilst also providing 100 per cent capital security, as NS&I is supported by HM Treasury.
NS&I retail director Jill Waters said: “NS&I is committed to engaging with young savers and giving parents and guardians a simple and straightforward way to invest for their children. We launched our Junior ISA in August last year and have today increased its interest rate to 2.50% to make it more competitive.”
Primary features of the Junior ISA include; a tax free interest rate of 2.50%, a minimum deposit of £1.00, a maximum annual deposit of £4,260 and 16 and 17 year olds can open and manager their own accounts. However, as with all ISAs, they cannot withdraw from the account until they are 18 years old.
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