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.
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A recent report shows that 25% of parents have yet to claim their free £250 from the government. If you don't act within 12 months of your child's birth, the £250 voucher will expire and you'll have lost 12 months worth of interest (cash) or 12 months worth of growth (stakeholder). So ACT NOW! and open a your Child Trust Funds account before your child miss out even more!
Tax Exempt Saving Plans (TESPs)
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 AssuranceScottish Friendly
