Tax-free savings accounts for children, known as Junior Isas, are now available from providers for the first time.
About six million children are estimated to be eligible for the products, which cannot be cashed until a youngster reaches the age of 18.
Family or friends can pay money into a child’s Junior Isa, run by banks, building societies and investment groups, up to a total maximum annual contribution £3,600. This can be entirely in a cash savings Junior Isa, or an investment version made up of shares, bonds and investment funds, or split across both.
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