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Saving for children

Putting money aside in a savings account for children is a valuable gift in more ways than one. It allows your children to benefit from starting their adult lives with savings behind them and learn important lessons about finance along the way. Children’s investments and savings accounts are ways to give your kids a head start in life, and Unividual can advise on the best options.
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Why should I save for my children?

Giving money lessons to your children, helping them understand the value of money, how to manage it and the benefit of saving, is invaluable. There are a number of ways to go about planning savings for children and investing in their future. With an instant access junior savings account, you or your child can withdraw or access their pocket money at any time, but the interest will generally be lower. Regular children’s savings accounts are designed to encourage you to save every month. With these accounts, the cash cannot normally be accessed for a fixed term – usually a year.

Getting your kids into good savings habits

By setting up a current account for your child, you can get them into good savings habits early. Encouraging them to take responsibility for their own money from the age of seven, is invaluable. When looking at tax-efficient ways of saving for children, other areas come into play, such as legacy and inheritance planning. From school fees, through to university, buying their first car and saving for their first home, together we can give your children and grandchildren the best possible start in life, educating them along the way.

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What options are there for children's savings?

Depending on how much you want to save for your child or grandchild, for how long and how much risk you are prepared to take, there are many different options. If you are looking for long-term savings accounts for children, Junior ISAs offer a tax-efficient way to save for your child’s future. You can save up to £9,000 a year and the child will pay no tax on the interest they earn from a Junior Cash ISA, or on any capital gains from a Junior Stocks and Shares ISA. The money is safely locked away until the child is 18. Don’t forget; the tax treatment on savings for children varies according to individual circumstance and is subject to change. Investors do not pay any personal tax on income or gains, but ISAs do pay unrecoverable tax on income from stocks and shares received by the ISA managers.

Another option for children’s investment is a child pension. A parent can set it up and it transfers to the child when they’re 18. You can save £2,880 tax efficiently each year and the government will top it up by 25%. You can contribute more than £2,880 but it won’t be topped up. Like any pension, the cash will not be accessible until the child is 55, so there is no danger of them spending the funds unwisely when they are too young.

Save for your child’s school or university fees

The cost of education, whether at school or university, is high. One of Unividual’s financial planners will take the time to help project what the costs will be and design a structured children’s savings plan to suit your family. There are lots of options to consider when choosing a savings account for children or when planning investments for their future, so the trick is understanding where to start – Unividual can look at all the areas you want to focus on to help build your family’s wealth.
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The Financial Conduct Authority does not regulate inheritance tax planning.

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