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Whether it is Christmas, Birthdays, Christenings or a 'Well Done' for passing their exams, more and more people are avoiding wasting their hard earned cash on unwanted gifts for their loved ones and instead are giving money to children so that they can ‘save for something they really want’ instead. However a lot of the time, children receive more money than they actually need for the latest plastic tat or new boy band memorabilia, so why not make their money really work for them and select one of the best junior ISA funds that are now available to store their spare cash and help it grow, providing a ready made nest egg for their future and the foundation they need to start their adult life without the financial burden that can ultimately stop them living their dreams. A Junior ISA provides the opportunity for your children, you or any other family or friend to regularly save in a tax free investment vehicle that will ring fence the entire value of the savings account until your child is 18 years old. At this point, your child can then enjoy a tidy lump sum that could start them on the property ladder, help them pay their way through higher education or could simply be used to buy their first car, happy in the knowledge that all those small contributions made on special occasions and significant points in their lives have been put to very good use indeed. No matter how young your children are, as soon as they can speak they love to talk about what they want to be when they grow up, what car they would like and where they want to live. Well wouldn’t it be a great way to show how much the people around them love them than by being able to provide financial security at a point in their lives when it will be so notably appreciated. A children’s Individual Savings Account works in the same way as an adult ISA and allows annual investment in cash and stocks and shares up to a limit of £3,600 each year in both regular savings and lump sum contributions so that your child could receive a fund valued at over £100,000 when they turn 18. And whether they decide to spend the money straight away or transfer it into another investment vehicle for income later in life, all growth within the Junior ISA is free of tax, providing your child with an efficient and beneficial method of saving from the moment they are born. Whether you choose a cash savings account to minimise the risk or want to invest in stocks and shares and see how hard you can make your child’s money work, by comparing the best junior ISA funds available you can ensure that every penny given to your child is truly appreciated and can be part of truly wondrous start to their lives wherever it may take them.
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