+ Reply to Thread
Page 3 of 3 FirstFirst 123
Results 21 to 22 of 22
  1. #21
    Join Date
    Jul 2010
    Location
    on a sandy beach!
    Posts
    6,664
    Thanks
    343
    Thanked
    2,297
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    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
    Posts
    385
    Thanks
    29
    Thanked
    89
    Reviews
    0
    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.


 

Similar Threads

  1. Where is the baby bonus?
    By thepouts in forum Family Finances
    Replies: 25
    Last Post: 08-02-2013, 16:37
  2. Baby Bonus
    By Phony in forum General Chat
    Replies: 16
    Last Post: 05-07-2012, 12:41
  3. baby bonus?
    By ShellieBellie1983 in forum Pregnancy & Birth General Chat
    Replies: 16
    Last Post: 24-04-2012, 08:41

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
FEATURED SUPPORTER
ProSwimProSwim runs learn to swim classes for babies, children and adults. Our indoor centre in Plympton Park has lessons all ...
REVIEWS
"Made bed time less anxious"
by Meld85
My Little Heart Whisbear - the Humming Bear reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›