Children's savings calculator - invest your child benefit

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Saving for children can be easier than you think. If you can afford to invest the Child Benefit paid out for each child, you may be surprised to see how that can grow into a healthy lump sum over time. 

function update(){ var numYears = document.getElementById('numYears').value; var numPeriodsPerYear = 12; var interestRate = document.getElementById('interestRate').value; var depositAmount = document.getElementById('depositAmount').value; var totalBalance = 0; // validate input if (!isValidNum(numYears)){ numYears = 0; } if (!isValidNum(numPeriodsPerYear)){ numPeriodsPerYear = 0; } if (!isValidNum(interestRate)){ interestRate = 0; }else if (interestRate != 0){ interestRate = (interestRate / 100); } if (!isValidNum(depositAmount)){ depositAmount = 0; } // check interest rate is specified so balance can grow if (interestRate != 0){ var interestRatePerPeriod = (1+ (interestRate / numPeriodsPerYear)); var totalNumPeriods = (numYears * numPeriodsPerYear); var growthRate = (Math.pow(interestRatePerPeriod,totalNumPeriods) - 1); var numPeriodsPerInterestPercent = (numPeriodsPerYear / interestRate); totalBalance = depositAmount * growthRate * numPeriodsPerInterestPercent; totalBalance = totalBalance; }else{ // balance won't grow without interest totalBalance = (depositAmount*(numYears * numPeriodsPerYear)); } document.getElementById('total').value = formatTo(totalBalance,2); }

Saving for children

INVESTING CHILD BENEFIT Work out how big a nest egg you could accumulate for your child by investing the £86 (approx) a month Child Benefit in a long-term savings plan. *7% = latest official Financial Services Authority (FSA) growth estimate. **This calculator assumes interest is calculated and compounded monthly. This may not be the case with your account but the difference will not be massive. Now try our investing your Child Trust Fund calculator Monthly payment £ Annual growth (eg 7*) % Duration Years RESULT Calculate Your investment will be worth** £

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