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? Click hereto 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.
Free Prize Draw
Enter our FREE Prize Draw and one lucky winner, chosen at random, will receive £250 added to their Children Savings Account.
MyEggNest is giving away a fantastic FREE gift to any Mums and Dads who's got some experience with a Child Trust Fund. Please click here for more infomation.
Alternative to CTFs
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 0845 0217000 or Email Steve where he'll be happy to answer all your Children's Pension questions- Please mention MyEggNest
Advertisement
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.
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.
Many parents are using their own ISA allowance to invest for their children (as the age for investment is 18 yrs). Parent can put away upto £7,000 pa each.
You can save cash in an ISA and the interest will be tax-free and/ or you can invest in shares or funds in an ISA and any capital growth and dividend income will be tax-free.
Providers with Children's ISA
Legal and General's Ethical ISAs
Contact Steve Weisner - Senior Independent Financial Adviser - at Radcliffe Newlands on 0845 0217000 or Email Steve where he'll be happy to answer all your Children's ISA questions - Please mention MyEggNest