Petition Allow transfers to Junior ISA so the money goes to the children not the banks

The government's Junior ISA is an excellent way for families to save for their children. They will be much more flexible than the previous government's Child Trust Fund and even better they will have much lower charges.

The existing Child Trust Funds typically charge 1.5% per year for the standard FTSE100 tracker. The Junior ISA meanwhile may cost as little as 0.25% for exactly the same product.

While this 1.25% difference in charges may not appear much, as it compounds over a decade or more the result may be thousands of pounds of difference to the money the child receives at 18.

We believe that children's savings should be for the benefit of the children, not of the banks, and therefore petition the government to allow children whose savings are stuck in high charging Child Trust Funds to be allowed to escape to the new Junior ISA.