Child Savings Help
We all know that saving for our children's future is a good idea. Yet there never seems to be enough time to sort through all of the options and make a decision.
As parents ourselves, we understand the issues you face. You already know that kids are expensive. And with University Top Up fees and soaring home prices you fear that you might be supporting them well into the future. We're not here to scare you - we're here to help you.
If you have a child born in the UK on or after 1 September 2002 then they will have a Child Trust Fund.
The government pays in £250 in your child's first year, boosted to £500 if your household income is low. A further £250 (or £500) will be paid in when your child reaches age seven. More importantly, you or anyone else (including KidStart!) can add up to £1,200 to the account each year.
Neither you, nor your child, will be taxed on ay interest or gains in the account. At 18 your child can then use the money in any way they choose - for example, to help towards the cost of going to university, as a deposit on a house, buying a computer or for driving lessons or training.
How do I get my child's money?
Once your child is born you can apply for Child Benefit. Once you start receiving Child Benefit you will automatically receive a Child Trust Fund information pack and voucher for £250 (or £500). This voucher can then be redeemed with a Child Trust Fund Provider when you open your child's account.
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