Saving towards your child’s future is a smart move. Whilst their eighteenth birthday may seem decades away at the moment, when it comes to saving, the sooner you start the better. We know children grow up so fast, and that every precious moment counts. That’s why saving for their future should be simple, easy and quick, allowing you to spend all of your spare time with your little loved ones safe in the knowledge they will have financial security in the future.
Our main top tip is that we highly recommend saving for your child through A Junior ISA, and to help give you all the information on this we spoke with the experts at The Children’s ISA for their advice tips for parents and guardians in the UK.
Tips for saving for your child’s future
Why choose a Junior ISA?
A Junior ISA will set up your child for their future by offering long-term tax-free savings. Putting aside money each month provides a great financial start for your child as they reach adulthood. It could contribute towards driving lessons, a house deposit or even help fund a life-changing trip round the world. With a current limit of £9,000 per tax year, the possibilities are endless. It’s so simple and easy to manage with a Junior ISA, much like a traditional ISA or trust fund.
An alternate gift
While plastic toys and the latest gaming console might provide a short thrill for your child, how often do these toys end up discarded on the scrap heap? Building a financial safety net for your child is a smart, viable option for the long term, and you can incorporate birthday gifts into this. Once you have opened a Junior ISA with the Children’s ISA, you can grant access to any number of friends and family, should they wish to contribute to more than a throwaway gift. So they can add money to their future goals, which in the long run is a much greater gift than a bright piece of plastic!
They are easy to open
You can open a Junior ISA with the Children’s ISA with a minimum investment of £10 quickly and easily on the Children’s ISA online application. Any parent or guardian can open a Junior ISA and once it’s open anyone can pay in to make contributions into it. This really is an investment for their future, as your child will have full control over the account once they reach the age of eighteen. With instant online access, you can monitor your account online, and make note of the contributors so your child can thank them in the future.
Manage your Junior ISA online
Designed to be simple, with The Children’s ISA the account set up, payments and management is all online. This no fuss approach allows you to contribute or check in whenever and wherever you are.
For more information on saving for your child’s future, visit The Children’s ISA here, to browse all your saving your options.
Tips for saving for your child’s future is a feature post