"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.
Enter our FREE Prize Draw and one lucky winner, chosen at random, will receive £250 added to their Children Savings Account.
"MyEggNest's Teaching children about Money... I really like this section. its very informative & good useful ideas! thanks!" Yen
"Great practical ideas as to how parents can teach their children about the value and proper use of money" Julie
"I've found the amount of information available on CTF overwhelming and confusing and was so pleased when I came upon your website and the very easy to understand table" Jackie
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 AssuranceScottish Friendly
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
Children's 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.
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 020 7382 0437 or Email Steve where he'll be happy to answer all your Children's ISA questions - Please mention MyEggNest
