Build a royal nest egg for your own Prince or Princess
Wednesday, July 31, 2013
Most babies born on 22 July 2013 may not have the same financial benefits afforded to the recently born Prince George of Cambridge so parents should consider starting the saving process for their children as soon as possible. However, amassing a princely sum to ensure your child has the best start need not lead to a life of serfdom.
With the Foresters Child Tax Exempt Savings Plan, parents or grandparents can save for their baby, child or grandchild's future for as little as £15 a month. Tax free savings plans are unique to friendly societies and are designed for the long-term with savers having the flexibility to choose the length of time they wish to save for - anywhere between 10-25 years.
- Guaranteed return - a guarantee to get back at least what has been paid into the plan, providing contributions are maintained for the full term of the plan;
- Potential for growth - with the addition of annual bonuses and a final bonus. The addition of bonuses is not guaranteed.
- Tax-free cash lump sum - the final payment the child receives will be free of Capital Gains Tax and Income Tax;
To mark the birth of the new Prince, Foresters is giving a Forrie Bear to anyone who takes out a Child Tax Exempt Savings Plan between now and the 31st August 2013 when they quote 'Royal Baby' on the application.
Neil Armitage, Marketing Director at Foresters said: "With houses to buy and university to pay for, it is important to start saving as early as possible and the Foresters Child Tax Exempt Savings Plan is designed for those wishing to do just that. The long-term nature of the plan gives savers the ideal opportunity to build, and potentially grow, a nest egg for their offspring. What better way to help your child or grandchild in the future when they need it as they reach adulthood."
As a Foresters member, your child or grandchild will qualify for Foresters Extras, a range of benefits offered at no extra cost. These include discounts on high street brands, a £25 book voucher and discretionary grants, including Educational Awards to assist with the costs of higher education or training.
Foresters Extras benefits are not regulated. Tax rules depend on individual circumstances and may change in the future. Inflation will reduce the spending power of the money your child receives back from the plan.