Natwest Child Trust Fund 2 reviews
It is the best account if you wish to help them off to a good start with their money and savings. Child Trust Funds were introduced by the government to make saving for your child’s future easier.
As new parents, you will receive a voucher from the Government. After getting the voucher you can decide on where you would like to invest it. Once you receive a voucher, make sure you chose where you wish to invest it. If you do not invest your child’s voucher within a year, the Government will choose where to invest it. So act now to make sure the choice is yours.
You can also come to a decision about making further investments. Once you have made use of your voucher to open an account, you – and friends and relatives – can top up the account at any time with amounts of £ 10 or more, up to a maximum of £ 1200 a year.
The fund will belong to your child and they will have access to the money when they are eighteen years old.
You get more money for your child and you pay less for the tax man. Under current tax law, any income from a Child Trust Fund will be paid free of tax. The income is simply reinvested, helping your savings to grow even faster.
What Are The Benefits?
You can start savings for your child when they’re young, and by the time they are eighteen, a Child Trust Fund could help your child:
- pay for their first car
- fund part of their college or university education
- help towards the deposit on their first home
Just as essential, you will be providing your child a good example by displaying them that saving can help you to obtain your goals in life.