Unlocking Hidden Funds for Your Little Ones
Millions of parents have recently learned that they may be sitting on thousands of pounds in free cash, all thanks to a helpful tip from financial expert Martin Lewis. During his Money Show Live on Tuesday, the 51-year-old revealed a clever strategy for maximizing funds for children.
From Child Trust Fund to Junior ISA
According to Lewis, parents should consider transferring their Child Trust Fund savings into a Junior ISA. This applies to any child born between September 1, 2002, and January 2, 2011. Even if parents haven't contributed to the fund, the state may have added money, resulting in potential account balances of around £1,000 for up to a million children.
Don't Miss Out – Chase Up Your Money
In order to claim these funds, Lewis urges parents to use the government's online tracing tool to locate the money. Parents can do this for children under 18, while those aged 16 or older can take matters into their own hands. By transferring funds to a Junior ISA, parents can ensure that their child avoids paying tax at their savings rate.
More Money-Saving Tips
During the same episode, Lewis also shared another genius tip for obtaining free cash and a Disney+ subscription just in time for Christmas. By taking advantage of certain bank-switching deals, viewers can potentially earn extra money for the festive season. Additionally, Lewis recommends abandoning online shopping baskets and waiting for retailers to send discount codes to entice shoppers to complete their purchases.
Remember, it's always worth exploring these money-saving opportunities to make the most of your finances. Who knows, you might just discover some hidden treasures!
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