How can I make my daughter's savings work harder for her education? |
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Source: MyMoneyDiva.com, 2010 My daughter has had a savings account with Lloyds since she was six, and she turns 16 next year. I would like the money to grow as much as possible for her further education. Could you give me some advice? - J Tang, London As your daughter is due to turn 16, she will now be able to effect a cash ISA, which currently allows savings of up to £3,600 each year. This way, the monies will be kept tax efficiently and if your current savings amount to more than the £3,600 permitted, you can still continue to invest this amount on an annual basis. Once she turns 18, the ISA allowance increases to £7,200, where £3,600 can remain in cash and £3,600 invested towards stocks and shares. - Lesley Collins, Chief Executive, Independent Women |
