High street banks yet to offer Jisa

Just 26 junior cash Isas are available to parents wanting to save for their children, more than a month after the accounts were launched.

The rates on the junior Isa (Jisa) cash accounts to hit the market since the 1 November launch range from 4 per cent at the top end from Northern Ireland’s Northern Bank and 3.5 per cent from Bank of Cyprus to the 2 per cent deals offered by Darlington and Leek building societies, according to Defaqto.

Northern and Cyprus are the only banks to have entered the cash Jisa market, with none of the high street names yet to offer the product. The accounts allow parents to save up to £3,600 a year tax-free in either a cash or a stocks and shares Jisa.