Simply EQ Library

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Junior SIPP

Given the huge costs involved in raising a child and early adult life, it might seem strange to pay money to a pension which cannot be accessed for decades when there are many other expenses to worry about. However, the long term tax benefits of pensions plus the Government top-up can make for a compelling case in certain circumstances. Read more
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Using a bare trust

A Bare Trust is the technical term for an account that belongs to a minor but is controlled by an adult. It’s sometimes called a designated account. At 18, the child is able to request access to the whole fund without restriction but up until that time the adult makes the decisions about how the money is invested and agrees any withdrawals. Read more
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Junior ISA

One of the most popular ways to save for children is to open a Junior ISA. These are tax-free savings accounts that allow you to save up to £4,080 each year in a cash deposit or by investing in stocks and shares. There is no tax to pay whilst the money grows inside the JISA account and all withdrawals are tax free. Read more