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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.
Were your children born before Sept. 2002 and subsequently miss out on the government's £250 voucher to jump start their Child Trust Fund? Not all is bleak! there are many alternatives to the CTF which are just as tax efficient and but without the initial £250. Below are just a few examples of how you can save for your children if they do qualify for the Child Trust Fund.
Unit Trusts for Children
Whatever your children or grandchildren dream of doing when they grow up, why not indulge more than their imagination?
Whether they want to travel the world or step onto the first rung of the property ladder, fund their way through university or organise the wedding of their dreams, you can give them a great start in life by investing for their future with a Legal & General unit trust.
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
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
