So I saw an item on Channel9 about monetary gifts for kids and featured this newly formed business/site which is aimed at grandparents wanting to gift small amounts of money to up to 10 grandkids for a single setup fee of $20 + 0.3% (<1%) per deposit - for Christmas or Birthday money for example.
The entry fees are extremely low and exit fees nil.
Also the funds are placed with Magellan Global Growth Fund averaging 13% PA.
www.itrustinvest.com seems like a great vehicle to actually use as a personal savings mechanism for a long term high yield savings plan - say, for a house deposit.
Initially I've been tempted to contribute up to $1000 to my sons super account each year to take advantage of the (up to) $500 co-contribution/free money from the ATO. But the lock up period for 40 or so years deters me if it was necessary to access the funds for other reasons - such as a house purchase - or perhaps I should do both.
The end game is to pass on the routine to my son to continue once he is earning a proper wage. At the moment he is a poor suffering uni-student.
Interested in your comments or alternatives
Try & find the PDS.
Seems to be hidden