The children's savings accounts, cash junior Isa and youth account categories were judged by Savingschampion.co.uk.
Anna Bowes, director, used two years worth of data to reveal the accounts that had consistently paid the highest rates over that time. Accounts needed to have instant access, low minimum deposits and be available nationwide.The winner in the pension category was the winner of the best stakeholder pension category in the Moneywise Pension Awards 2013.
The winners of the best junior Isa investment scheme and best children's investment scheme were judged by a panel of independent judges including: Gavin Haynes, managing director, Whitechurch Securities; Nick McBreen, IFA, Worldwide Financial Planning; Tim Cockerill, head of collectives research at Rowan Dartington; and Wayne Evans, financial planner at Heron House Financial Management. We asked them to take into account investment quality and choice as well as charges and accessibility.
A form of money purchase defined contribution pension launched by the then Labour government in April 2001 with low charges and no-frills minimum standards. Designed to appeal to people on low and middle incomes who wanted to save for retirement but for whom existing pension arrangements were either too expensive or unsuitable, the stakeholder didn’t really take off and looks to be superceded by the National Employee Savings Trust (NEST).
Available from 1 November 2011, the Junior ISA will replace child trust funds (CFTs), which have been phased out. Junior ISAs will have a £3,000 limit and will be offered by high street banks, building societies and other providers that currently offer ISAs to adults. You can invest in either stocks and shares or cash. But, unlike CTFs, there will be no government contributions into each child’s savings pot. Money invested in Junior ISAs will be “locked in” until the child is 18, and the ISA will default to an adult one.
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.
A financial adviser who is not tied to any financial services company (such as a bank or insurance company) and is authorised by the Financial Services Authority (FSA). They can advise on financial products to suit your circumstances. All IFAs have to give consumers the choice of paying by fees or commission and have to explain which would best suit the customer in that particular instance. Also, if commission is paid either by the client or the financial service provider recommended by the IFA, the IFA must disclose what that commission is.