Best Junior ISAs: Young savers can get up to 5.5 per cent interest rate via tax-free account

Junior ISAs (JISAs) let people save or invest up to £9,000 in the 2023/24 tax year.

While the money will belong to the child, they won't be able to access it until they turn 18, apart from in exceptional circumstances.

It is a permanently tax-free savings or investment wrapper, aimed at encouraging families to save for their children's futures.

Amid rising interest rates and frozen income tax thresholds, families may opt to turn to Junior Individual Savings Accounts (JISAs) as a means to secure their children's financial future.

Furthermore, with the cost of living rising, it has never been more important to start saving early.

A JISA allows parents and grandparents to provide a financial cushion for their children or grandchildren.

By contributing regularly, the JISA is a savings vehicle which could provide a nest egg for children to use towards financial milestones in later life such as buying a house, getting married, or continuing to save for the longer term.

While the rules between different accounts will vary, GB News has compiled a list of the top 10 junior ISAs ranked by highest interest rate right now, according to MoneyfactsCompare.

Beverley Building Society Junior Cash ISA is at the top of the list offering a 5.50 per cent variable rate. Interest is paid yearly and must be compounded.

Savers need a minimum of £1 to open the account.

Coventry Building Society is the next best rate offering 4.95 per cent on their Junior Cash ISA (2).

Savers can open an account by telephone, email or in person.

Nottingham Building Society is offering savers 4.85 per cent via their Junior ISA.

Savers can also get 4.80 per cent with the Loughborough Building Society Junior ISA.

Leek Building Society's Junior Cash ISA and Skipton Building Society's Junior Cash ISA Issue 6 are both offering 4.75 per cent.

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Top 10 Junior ISA accounts:

• Beverley BS Junior Cash ISA – 5.50 per cent
• Coventry BS Junior Cash ISA (2) – 4.95 per cent
• Nottingham BS’s – 4.85 per cent
• Loughborough BS Junior ISA - 4.8 per cent
• Leek Building Society Junior Cash ISA - 4.75 per cent
• Skipton Building Society Junior Cash ISA Issue 6 - 4.75 per cent
• The Stafford BS Junior Cash ISA – 4.75 per cent
• Newbury BS Junior Cash ISA – 4.65 per cent
• Earl Shilton BS Junior Cash ISA – 4.60 per cent
• Family Building Society Junior Cash ISA (2) – 4.60 per cent