FINDING THE BEST CHILDREN’S SAVINGS ACCOUNTS
By harnessing the power of saving and investing one pound (and reaping the benefits of compounding), you can give their savings a real chance to grow. Whether you have a specific goal in mind or this forms part of a wider financial plan, we can help you to create a savings and investment plan that meets your ambitions.
CHILDREN’S SAVING AND INVESTMENT OPTIONS
Junior ISA
With a contribution limit of £9,000 (for the 2021/22 tax year), the Junior ISA provides all of the tax benefits of a standard ISA, with the additional comfort that they can’t take full control of the money until they are 18.
Junior Pension
Another option is the Junior Self-Invested Personal Pension (SIPP) which, as with a traditional SIPP, receives basic rate tax relief of 20% on any contributions up to the annual allowance of £3,600 (for the 2021/22 tax year). The funds are not available until the child’s normal retirement age (currently 55 but expected to increase to 57) but can be a fantastic option to kick-start pension savings.
Get in touch
- Email us at [email protected]
- Phone us on 0207 337 0777
- Visit your nearest branch
Saving and Investing for Your Family guide
