Saving for a child today is a great gift for their future. Here are some of the savings options for children that can help you start
There are a number of things you can do now to build up a nice nest egg for your little ones Thanks to compound interest, time really is money, as the longer savings are in place, the more they will grow.
Ayesha Ofori, a mother-of-two from north London, opened a JISA for her seven-year-old daughter after she asked her if she could start saving up her tooth fairy money. She said: “I’ve recently started asking people to gift contributions to her JISA instead of toys for birthday gifts and Christmas gifts.
You can apply online if your child is aged between 13 and 17, though 11 and 12-year-olds will need to apply in branch with their parents or guardians with them.While you’ll be keen to find the highest return you can for your children’s savings, bear in mind that if your child earns interest of more than £100 from money you’ve given them, it becomes taxable and will be added to your income as if it has been earned by you.
The government introduced this rule to stop parents from using their children to dodge paying tax themselves.
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