Savings for school fees

If you’re planning to educate your children privately then you may want to consider setting up a savings account for their school fees sooner rather than later. Fees for day pupils may be £1,500 to £3,000 per term with the cost for boarders being more like £4,000 to £5,000 a term. There are all the usual savings options and several providers of specialist funds too.

You may also have the option of a Composition Fees Scheme. Not all schools offer them but if you know the one you’d like your child to attend you may be able to pay a lump sum in advance. In return the school may reduce or freeze the futures fees. These schemes can be quite inflexible though so be aware that it could be hard to get your money back if you change your mind.