But do not despair, you are now eligible to open up a 'junior ISA' for your child.
The good news is that you can save up to £3,600 a year, tax-free, for your child to access at the age of 18. In an attempt to attract new business, the two biggest building societies offering junior ISAs are offering better rates than they do on their Child Trust Funds.
But the bad news is that many parents feel they don't have the spare cash to set aside and so won't even open an account. Those of us with children eligible for the Child Trust Fund got a voucher worth £250 to start us off. If we didn't get round to opening an account, the Government did it for us. If the Government hadn't scrapped it, we'd have got another payment of £250 when our child turned seven.
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