The best children's savings accounts
Keeping your kids fed, clothed and watered, is expensive enough as it is, without worrying about finding money to save on their behalf too. But, setting up a savings plan for them while they are still young could be a very shrewd investment.
An easy access savings account makes a great home for birthday and Christmas money and is a great way to teach your children about banking and interest, encouraging them to save for the things they want. An investment account - at the other end of the spectrum - can provide a nice little lump sum to help them out with some of the hefty expenses that early adulthood brings, be that a first car or a first home.
Whatever your - or your child's - savings goals are, the Moneywise Children's Savings Awards 2014 will help guide you through the maze and reveal the best homes for your children's money.
Follow the links below to find the most suitable award-winning savings account or investment plan for you and your family.
Available from 1 November 2011, the Junior ISA will replace child trust funds (CFTs), which have been phased out. Junior ISAs will have a £3,000 limit and will be offered by high street banks, building societies and other providers that currently offer ISAs to adults. You can invest in either stocks and shares or cash. But, unlike CTFs, there will be no government contributions into each child’s savings pot. Money invested in Junior ISAs will be “locked in” until the child is 18, and the ISA will default to an adult one.
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.