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Sep 06

How to save for your children without breaking the bank

Reading Time: 3 mins

After welcoming your children into the world it’s common for parents to start thinking about how they can save for their future. Whether it’s a helping hand for university, money towards their first house or just a little something to help launch them into adult life.

Many go on to research different accounts out there but only the minority actually open an account, the majority give up. This is due to many reasons: savings products available are confusing, they’re poor value, require monthly commitments that not everyone can afford, the list goes on.

For the past 12 years the Beanstalk team has helped thousands of parents save millions for their children with their other service KidStart. KidStart partners with over 2,300 retailers and many saving providers to help families top up their children’s accounts when they shop online. During those years the team has spoken to thousands of parents about the difficulties they’ve faced when saving for their children. They understand those worries as parents themselves and that is why they launched their app, Beanstalk.

 

What makes Beanstalk different?

It’s designed to work for everyone. Unlike many accounts out there Beanstalk doesn’t require you to commit to monthly requirements or pay in a lump sum to open an account. You can top up the account when it suits you, something we’re sure many have appreciated this past 18 months.

You can do the usual top ups with Beanstalk – one-off and monthly but there are also some handy tools to help you boost your children’s savings: round up your purchases and save the change, earn money back on your shopping with KidStart, refer your friends for a bonus. All of these make it easy to save little and often.

 

Make it a family affair

They know how important family can be when raising your children, which is why they wanted to make it simple for grandparents, aunts and uncles to top up your kids’ accounts. On Beanstalk you can invite friends and family to contribute to your children’s accounts through the app. They’re then able to top up the accounts directly. No more cash in cards or cheques for special occasions.

 

What kind of account is Beanstalk?

Beanstalk is a junior and adult stocks & share ISA, meaning you can save for your children and yourself from one app, making saving for your family easy. Many opt for stocks & shares because when saving over longer periods growth can compensate for the ups and downs. For example, over 50 years UK Shares returned over four times more than cash*. However, Beanstalk does give you control with their slider tool, you can decide what percentage goes into a cash fund and what goes into a shares fund. You can find out more about junior ISAs in this free guide.

They want your children to benefit from your investment so the Beanstalk app is free to download and use. The only charge is an annual fee of 0.5% on the value of any investments, one of the lowest around.

Beanstalk will take care of the switching process if you or your children already have an account that you would like to move over to them.

Saving for your children should be easy, join the revolution at Beanstalk, download the app here.

 

Please note: Capital at risk. As with any investment, the value can go down as well as up. Past performance is no indicator of future performance and the tax treatment of ISAs depends on your individual circumstances and may be subject to change in the future. Beanstalk is a trading name of KidStart Limited, authorised & regulated by the Financial Conduct Authority (# 473606).

*Source: Barclays Equity Gilt Study 2016

 

Disclaimer: This is a paid article from Beanstalk

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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Joanne
Joanne
8 days ago

I hadn’t heard of Beanstalk before.

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