Parents and grandparents with capital to invest for the younger generations can invest up to £4,000 in a Junior Isa for a child this tax year, which ends on 5 April.
However, if your child was one of the 5m born between 1 September 2002 and 3 January 2011 he or she will have a child trust fund (CTF) instead of a Junior Isa. You can top this up by the same amount. But you should also be seriously considering taking advantage of the new flexibility to transfer CTFs into Junior Isas from 6 April 2015.
Jason Hollands, managing director at Tilney Bestinvest, says: "CTFs have become 'zombie' products, with lack of competition and innovation between providers."