Gifting money or supporting family with loans is pretty straight forward in the UK. But there are things to be aware of, such as knowing how much you can gift tax-free, how best to ensure family loans are paid back and how to talk to family about money.
Start saving for loved ones
If you’re planning on gifting money to family, either in the near or distant future, putting cash into a savings account with a competitive interest rate is a good place to start. Depending on your financial circumstances and savings goals, you can either choose an account you can top up regularly, such as an Easy Access account or lock away cash for a set amount of time at a guaranteed interest rate, such as a fixed rate cash ISA or fixed rate bond savings account. However you choose to save, you’ll benefit from growing your money to help support your family. Find out more about our range of savings accounts by clicking the link below, or sign up to our newsletter for the latest saving tips and product information.
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To support you, we’ve created this hub filled with resources, information and links where you’ll learn everything you need to know about gifting money in the UK.