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  1. #21
    Join Date
    Jul 2010
    on a sandy beach!
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    Quote Originally Posted by gizmo View Post
    Both of mine have gone into insurance bonds for the kids high school educations. We also put money into them each month (the bonds, not the kids ).
    Could you give me some info on this please?

  2. #22
    Join Date
    Dec 2007
    This is what I put in a finance thread a month or so ago about them when someone else asked:

    They move with the stockmarket and we put in money each month. Obviously the returns haven't been great in the last couple of years, but they should improve in the next few years.

    The advantage of them is that if you keep your funds in there for 10 years then you can remove the money tax free after that. There are a couple of rules, though, including that each year you can only put in 125% of what you put in the year before, otherwise you lose the tax free time that you've had the money in there for already.

    So, to be worth it you need to know you'll be keeping the money in there for at least 10 years. Perfect for starting a fund at birth or soon after for their high school years.

    With my fund you need $500 to start if you also put in place a regular savings plan, or $2000 if you don't and just want to put in a once off payment or put money in sporadically.

    If you do a savings plan with them, you need to put in a minimum of $100 per month.

    If you want to do a one off lump sum there's a minimum of $500.

    There's a fair bit of info on them on the net if you do some googling. Just make sure you understand the contribution rules before you start one up so you don't accidently lose your tax free withdrawals.


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