Nichola Hodgson, 35, has two children born either side of the switchover between Child Trust Funds, which ran from September 1 2002, and Junior Isas, which were launched on 3 January 2011.

Mrs Hodgson from Kilwinning in Renfrewshire is currently a full-time mum to five-year-old Darcey and three-year-old Spencer. She chose Scottish Friendly for her daughter's CTF and only recently realised that she will now be able to move the funds out into a new Junior Isa. "We opened Isas for both of them but put them in trust," she says. "Now we intend to open accounts for both of them in their own names." But she says what kind of accounts the couple choose will depend on access to, and control over, the money. Many parents may now prefer to opt for regular savings accounts which can be used to fund expenses along the way, with an eye on the new £1000 annual allowance of tax-free interest which comes in next April. Others have reservations about handing over control of a Jisa savings pot to their future 18-year-old offspring.