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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.
MyEggNest is giving away a fantastic FREE gift to any Mums and Dads who's got some experience with opening a Child Trust Fund or a Children's Savings Account . Please click here for more infomation.
Alternative to CTFs
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 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 0845 0217000 or Email Steve where he'll be happy to answer all your Children's Pension questions- Please mention MyEggNest
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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.
