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Junior ISAs
Child Tax Exempt Savings Plans
Children's Savings Plans
Child Trust Funds
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Compare Junior ISA (JISA)
Compare Junior ISA (JISA)
Compare Junior ISA (JISA)

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Ask our Independent Financial Advisor Steve Weisner a question here.



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Child Tax-Exempt Savings Plans


Did you know that Children's Tax-Exempt Savings Plans (TESPs) also provide a long-term, tax-free way to save for your children's future?


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to find out more about a tax-efficient way to build up a nest-egg for your child in addition to a Junior ISA, and compare providers.



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Children's Savings Plans



Junior ISA

The Junior ISA (JISA) is the latest Government-launched children’s savings programme to replace the Child Trust Fund and encourage long-term, tax-free savings.

Each child with a Junior ISA can receive up to £3,600 per year until they are 18, at which time the account is fully under their control. Children can choose to use the savings as a university fund, as help towards their first car, or even continue to build on the nest egg that their parents started.

The most important features of this account are its tax-free nature, the fact that funds are kept locked away until the child turns 18, and the wealth of options available to choose from. These accounts come in both stocks and shares and cash varieties, and within these categories are low-cost accounts, actively managed investment accounts, and even ethical savings options.

For a comparison of available Junior ISAs, both stocks and shares and cash, click here.


Compare Stocks and Shares Junior ISAs

Stocks and Shares (or Investment) Junior ISAs invest money in equity-based stocks and shares, meaning your Junior ISA can both increase or decrease in value.




Compare Cash Junior ISAs

 A Cash Junior ISA gives you returns on your investments based on the rate of interest offered by the provider.


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University Savings Plans

Since it became possible to face £9,000 a year in tuition fees, parents have been looking for a place to save for their children’s future. Junior ISAs, Child Trust Funds and Tax Exempt Savings Plans can all do the job, but there are also products on the market tailor-made for parents who want to save until their children turn 18 and attend university, or until they are 21 and eligible for a graduation gift to remember.

More about university savings plans can be found here.

Tax Exempt Savings Plans

Tax Exempt Savings plans are one of the most flexible ways to pursue tax-free savings because these accounts can be obtained either in addition to OR instead of a Junior ISA. They are ideal for savers who want to save a small amount every month, as most allow parents to save up to £25 per month per family.

However, Shepherd’s Young Savers Plan allows contributions up to £100 a month.

The fact tax-exempt savings plans can be used in addition to a Junior ISA allows parents to go over the JISA’s £3,600 limit while still ensuring that their child’s nest egg is completely tax-free.

For more detailed information about Child Tax Exempt Savings Plans, click here.

A table for easy comparison of Child Tax Exempt Savings Plans can be found here

Children’s Stakeholder Pensions

If you are looking for more ways to maximise tax-efficiency and save for your child’s future, it is also possible to start saving for your child’s retirement.

If this sounds too early, think of this: contributing £3,600 per year just from the ages of 0-16 could make your child a millionaire by the age of 60. While every savings plan discussed here is meant for the long-term, this allows parents to take the notion even further and let 60 years or more turn a modest nest egg into a literal fortune.

More detailed information about Children’s Stakeholder Pensions can be found here.

More about children's savings options:

Children's Saving Accounts

Most banks and building societies offer children's savings accounts, and finding the best deals is an easy process once you understand the basics. Banks and building societies also tend to offer higher rates on their children's accounts than on their standard accounts, and you can choose between instant access or fixed rate plans depending on how much flexibility you desire.

Unit Trusts for Children

If you're looking to invest for your child but find shares and equities confusing, then a unit trust for children may be the best option. A unit trust is one of the simplest forms of investment, with your funds invested and managed for you to give you the best possible returns.

Individual Savings Accounts (ISAs)

Individual Savings Accounts (ISAs) allow people to save their money in a range of investments such as cash, stocks and shares. Unlike investing directly in these products, investing through an ISA provides certain benefits. An ISA is often referred to as a “tax wrapper” which goes around your savings, protecting them from paying certain taxes.

MyEggNest News

Read all the latest news on Children's Savings and Child Trust Funds from MyEggNest News Team.


 

MyEggNest's Recommendations

Alternatives to CTFs - Tax-Exempt Savings Plans
Did you know there are alternatives to the CTF that offer the same tax-free savings? Tax-Exempt Savings Plans (TESPs) can help you build up a lump sum for your child through small, regular payments. Your fund grows free from any income or capital gains tax, and can be used to save for children of all ages. Click here for more information about TESPs, and specific plans offered by friendly societies. 


 

 

 

 

Radcliffe & Newlands
Lump Sum Investments

Puzzled by lump sum investing? Get help from qualified investment professionals. Click here for more information.

 

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