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For parents the transition from Child Trust Funds to Junior ISAs has been tricky.
BBC: The frustration of the Junior ISA
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But, unlike Child Trust Funds, there will be no government contributions into each child's savings pot.
BBC: Child Trust Fund abolition to 'hit children in care'
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Details of cash Child Trust Funds can be found on the Moneyfacts website (see link on right).
BBC: A child on a beach
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In response, Treasury Minister Mark Hoban claimed that it was necessary to scrap Child Trust Funds due to the UK's "unsustainable" financial position.
BBC: Savings Accounts and Health in Pregnancy Bill part 1
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"Each child can have up to two junior ISAs, " says Kate Moore, head of savings and investments at Family Investments, which runs Child Trust Funds and Junior ISAs.
BBC: The frustration of the Junior ISA
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Unlike stakeholder Child Trust Funds, its charges are not capped.
BBC: A child on a beach
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On 26 October 2010, opposition MPs lined up to attack the coalition as ministers pressed ahead with legislation to end Child Trust Funds (CTFs), government-matched savings accounts, and health grants to pregnant women.
BBC: Ministers accused of 'picking on children'
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However, stakeholder Child Trust Funds should be "lifestyled".
BBC: A child on a beach
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"Some people have said that stopping government payments to Child Trust Funds isn't fair to children, but there would be nothing fair about leaving the next generation with unsustainable debts that would mean higher taxes and poorer public services, " he said.
BBC: Ministers accused of 'picking on children'