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Make your shopping count
"Save 30% on your online shopping - knowing your way around the internet and then using a cashback card can give you big savings" - Sunday Times
Cashback shopping can be another useful tool to save for your children’s future. Simply shop online and at selected high street shops and top up your Child Trust Fund and children's saving accounts. Click here here and see how much you can save.
Did you know that your children's savings are tax-free? Unfortunately, this tax-free status isn't automatically granted to a child. To ensure your children's savings won't be taxed, you need to complete the Inland Revenue R85 form.
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Request a Jump CTF or Jump Savings Brochure and receive a free copy of Money: Your Children, Their Future by Sarah Hamilton. Click here for more information.
Bank of Scotland International offers quality international and offshore banking, first-class service, and a range of other related and beneficial services.
One of the best ways to save for your children's future is the Tax-Exempt Savings Plans (TESPs) from friendly societies. TESPs offer parents a simple way to save up to £25 for each family member per month in addition to, or instead of, a CTF.
TESPs can help you build up a lump sum for any child through small regular payments. You choose when the money is available for them, but the policy must run until they’re at least 16 and run for a minimum of 10 years.
TESPs are available for every member of the household so a family of four could save up to £100 a month tax-free and, provided the TESPs have been set up in the parent's names, the money remains firmly under their control. In addition, the flexibility of TESPs mean that they can be set up to mature at different points in a child's life.
Providers with TESPs Engage Mutual Assurance
Children's Stakeholder Pensions
You can now save towards your children's retirement with a Children's Stakeholder Pension in your children's name. This is a government backed scheme where you can invest up to £2,808 each year, net of tax, and the Inland Revenue will add 22% basic rate tax relief to this, bringing the total amount invested up to a maximum of £3,600 a year.
By starting a Children's Stakeholder Pension young, your children's pension pot will have a huge boost in comparison to those who waited until their working lives to begin paying towards a pension.
A contributions of £3,600 per annum between ages of 0 - 16 yrs (and then stopped) could leave your child with a potential pension fund value of £1,230,000 at age 60 (these projections are based on a medium growth rate of 7% with an Annual Management Charge of 1%, courtesy of Axa Sun Life).
Contact Steve Weisner - Senior Independent Financial Adviser - at Radcliffe Newlands on 0207 382 0437 or Email Steve where he'll be happy to answer all your Children's Pension questions- Please mention MyEggNest
Unit Trusts for Children
Whatever your children or grandchildren dream of doing when they grow up, why not indulge more than their imagination?
Whether they want to travel the world or step onto the first rung of the property ladder, fund their way through university or organise the wedding of their dreams, you can give them a great start in life by investing for their future with a Legal & General unit trust.
Bank of Scotland International offers quality international and offshore banking, first-class service, and a range of other related and beneficial services. Click here for more information
