Children's saving accounts and investing for your family
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
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.
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.