Halifax launches Junior ISA at 6% (with a catch)

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.