Junior ISA sales soared in 2012-13

Some 295,000 new accounts were opened in the tax year - with a total of £392m invested - compared to the 71,000 sold in the six months following the products' launch in November 2011. However, the average amount invested has gone down from £1,623 to £1,327 in the same period. Family and friends can invest up to £3,600 tax free into the products. Junior ISAs replaced Child Trust Funds (CTFs), which were savings accounts for children born between 1 September 2002 and 2 January 2011 and included free cash vouchers of up to £250 given out by the government. The Treasury is currently co...