529 college savings plans are accounts set aside by parents, grandparents or guardians to pay for the future tuition of young children. Earnings grow tax-deferred, and the minimum contributions are kept low to allow various families to be able to afford these plans (i.e. $50 a month). Further, funds are not subject to taxation when [...]
Whether you want to save up for a cool video game or your college education, you’re going to need a financial game plan. Check out some of these ideas that’ll get you started!
Get a Savings Account
If you’re serious about saving your dosh, keeping it in a shoe box isn’t going to cut it. It’s time [...]
Credit Unions
Check your local credit union for help with teaching your children about saving money. Our credit union has a “Scottie Dollar Club.” There is no minimum balance, no fees, and each time our children deposit money they receive a Scottie dollar. Then a few times a year they open a Scottie store. It has [...]
Most parents opt for a stakeholder account, because these products have been specifically designed for the CFT savings scheme and as mentioned above, they are the Government’s favoured option. It is worth noting though, that not all stakeholder accounts are the same and performance does vary – it is therefore worth doing a bit [...]
There are three main types of CTF: stakeholder accounts, cash savings accounts and non-stakeholder accounts.
Stakeholder CTFs are the Government’s preferred option. It believes that equities will provide better returns than cash over the longer term so stakeholder schemes invest in equities in the early years and are then gradually moved into less risky [...]
All children born on or after September 1 2002, are eligible for a child trust fund (CTF). This is a Government-backed scheme aimed at encouraging parents to save for their son or daughter’s future.
New-born children receive a voucher from the Government worth at least £250 – those from families on lower incomes receive £500. [...]
Most banks and building societies offer savings accounts aimed specifically at children. Many allow easy access and unlimited withdrawals, although some may require notice, say 30 or 60 days before a withdrawal is made. Both notice and easy access products are ideal if the main purpose of the account, is to encourage a child [...]