Zurich Savings Plus Plan - children's allowance

G

galgal5003

Registered User
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Hi all,
We have a Zurich Savings Plus Plan that we set up when our 3 year old was born - we put the children's allowance here. It is in our names, not the child's.
We have a second baby, who was born four weeks ago and want to invest their children's allowance too.
Is the easiest option just to double our monthly premium rather than setting up another plan?
Just want to make sure in case there is something we haven't considered.
Thanks
 
I understand it’s in your names but do you plan on splitting it evenly between them or will you use it on a needs basis. If it’s the latter I don’t see a problem. If the former it could be hard to calculate how to split it evenly.
 
You could easily track deposits in easily enough and average out the returns doesn't have to be an exact science

If you wanted full separation you could set up individual policies.

If you.re planning to give as lump sum maybe look at Bare Trust can be more efficient from a tax perspective.
 
The easiest of all options is to use the money to pay down your mortgage.

If for some odd reason, you think that the children own the child benefit, then set up a spreadsheet and work out how much you owe them.

Amount contributed by the mortgage rate.

That is a lower cost, lower tax, lower risk form of investment
 
I wrote a key post on it some time ago which deals with the issues systematically


Saving for a "College Fund" - 3 to 20 year term.

This comes up a fair bit, so here is a Key Thread on the topic. 1) You should look at your entire financial position when doing any financial planning. 2) You should not have a separate account for a College Fund. 3) The best way to fund college fees payable in 10 years is to maximise your...
www.askaboutmoney.com
 
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