Parents are always looking to make sure their child has the best chance of succeeding in life when it is time for them to make their own way in the world
But getting by has become an expensive business, whether in terms of paying fees to cover further education or finding a deposit to buy a first home.
In a bid to help parents invest in their child's future, the Government introduced Junior Cash Isas, a tax-free savings account that a child will be able to access when they turn 18.
The Junior Isa has been hailed as having the potential to become the most successful children's savings scheme of all time but Lloyds TSB, which has announced a new deal at a tax-free flat rate of 3% AER, said restrictions over setting up an account should be lifted.
The Isa allows parents, or other family members, to set aside up to £3,600 a month, though it is not available to parents who already hold Child Trust Funds.
A spokesman for Lloyds TSB, who said the company's product will be available this month, urged the Government to review its policy of restricting access in order for "all parents to get the maximum choice of deals".
Copyright Press Association 2012
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