The Week Unzipped: Details of new Isas for young savers revealed

THE government has unveiled the new Junior Isa which from November will allow under-16s to enjoy a cash shelter of their own.

Junior Isas will replace Child Trust Funds. All children without a CTF will be eligible for a Junior Isa. Unlike CTFs, the government will not put money into Junior Isas on children's behalf.

Children will be able to hold one cash and one stocks and shares Junior Isa within the 3,000 allowance.

Until the child reaches 16 the account will be managed on their behalf by a parent or guardian. Withdrawals are not permitted until the child reaches 18.

The government wants both cash and stocks and shares Junior Isas to be accessible to all income groups, and understands that a number of providers will offer cash Junior Isas that require a minimum balance of just 1, and stocks and shares Junior Isas that accept minimum contributions of 10 per month.

Childcare vouchers cut

PARENTS have until midnight on Tuesday to take advantage of childcare vouchers before new rules come into force that could halve the amount higher rate taxpayers are eligible to receive.

Currently parents can claim up to 55 a week of their salary through tax-free childcare vouchers, saving a couple who are both higher rate taxpayers up to 2,392 a year.

Under the new rules, higher rate taxpayers who join the scheme after 5 April will only be eligible for up to 28 a week in vouchers. However, those who are receiving the vouchers before this deadline can continue to claim the full 55 even if they are in the higher rate tax band.

House prices up 0.5%

HOUSE prices rose unexpectedly by 0.5 per cent last month, marking the third increase in the past four months, according to figures from Nationwide.

Prices are 0.1 per cent higher than in March 2010, and 0.6 per cent up over the past three months compared with the previous quarter. The rise leaves the average cost of a home at 164,751.

Online holiday cash

SAINSBURY'S Travel Money has launched an online service allowing customers to order foreign currency to their home or their local Sainsbury's Travel Money bureaux.

The service offers free next-day delivery on orders over 500 placed before 2pm from Monday to Thursday.

Nectar card holders can benefit from an introductory offer of 1,000 Nectar points for every 500 of foreign currency they purchase. Sainsbury's charges 0 per cent commission on foreign currency.