What is Junior ISA?
Junior ISAs are long term, tax-free savings or investment accounts for children and young people up to the age of 18. You can't have a Junior ISA if you already have a Child Trust Fund (CTF), so it would very unlikely for a child born between 1 September 2002 and 2 January 2011 to be eligible for a Junior ISA. Like the CTF, the money saved can't be taken out until you're 18 years old.
There are two types of Junior ISA: Cash or Stocks & Shares - you can have one or both types at any one time, but only one of each type. Anyone can put money into the account, but the total amount that can be paid into a Junior ISA in any one tax year (6th April to 5th April) is £4,128.
There's no tax to pay on income or gains within a Junior ISA.
More information on Junior ISAs in general can be found here.
See also 'What is a Child Trust Fund?'