Your Children’s Future
There are some useful ways to help you start investing for your children.
You can open an account for each child under the name of the parents (as Bare Trustees) and either add regular deposits or a lump sum, or indeed both. This can then be invested under the configuration of a model portfolio of your choice.
Accounts can also be opened in the name of the child and open Junior ISAs, or JISAs, with a limit of £4,368 (19/20).
It is also possible to open a personal pension in their name and pay in £2,880 p.a. The Government will contribute £720 p.a.to make it up to £3,600 p.a. Later in life, when working, it will be possible for your child to make further contributions. This is actually possible for anyone, even non-tax payers.