If your child is planning on attending college, an ISA can be a great start toward paying the tuition and expenses. College is expensive and the less your child needs in student loans, the less they have to repay. And, even if your child has a scholarship, the money can be used for day to day expenses.

Most young adults can’t wait until they get old enough to get their drivers license and get a car. But, a good dependable automobile can come with a high price and high payments. The money that has accumulated in an ISA savings could be used to purchase that car and avoid having to make payments.

Even if your child won’t need to use the money they’ve saved, an ISA is still an excellent financial benefit. Since accounts opened in previous years can be maintained, it’s a tax free account that can follow them into adulthood. And, everyone can benefit from earning extra money that has a tax free status.