Halifax yesterday entered the Junior ISA (JISA) market, paying a potential top rate of 6%.
In order to get 6% however, parents must also open a tax-free savings account in their own name, which will pay 3%. Taking out a standalone JISA will return just 3%.
Susan Hannums, of Savings Champion, said: "It's always disappointing to see that a top-paying savings account comes with a catch, but 6% is 6% and is a far higher rate than other JISAs."
JISAs, which launched late last year, have effectively replaced Child Trust Funds (CTFs).
Currently parents, grandparents and relatives can invest up to £3,600 a year into a JISA, although those already with a CTF are ineligible.
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