One in three parents persuaded to open ISA ahead of Budget

Parents are being offered attractive tax breaks to save for children's futures

Chancellor encourages parents to take advantage of special offer

Almost one in three parents has been persuaded to open a Children's ISA ahead of the Budget. The government is offering parents a 25% bonus on savings of up to £500 a year, with a maximum bonus of £1,000, in a bid to help families save for their children's future.

The Chancellor, Rishi Sunak, said: "I want to make sure that every child has the best possible start in life. That's why we're introducing a new and generous Lifetime ISA for children, which will give families a helping hand to save for their children's future." Parents who have been contacted by their bank or building society about the offer should take advantage of it as soon as possible.

The offer is available to all children under 18 who are resident in the UK. Parents can open an account with a minimum of £1 and save up to £500 a year. The government will then add a 25% bonus to the account, up to a maximum of £1,000. The money can be used to pay for anything from education to a deposit on a house.

The offer is set to close on 30 April 2023, so parents are being urged to act now to avoid missing out. For more information, please visit the government website.