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Child Trust Fund?

minnie8586minnie8586
in My baby was born in Aug 09
What have you done with it?
I was looking for a savings account for it, but now not so sure.
Im sure this has been discussed so many times before, so apologies!
xx

Replies

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    mummyGGmummyGG
    hey suagr - i dont believe it hasbeen discussed and thank you so much fo rreminding me!! I totally forgot!! xxx Not sure what to do- i wld love to hear what others have done!! xx
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    EmmaC2009EmmaC2009
    I've gone for the stakeholder wit HSBC - I actually work there as a Project Manager (at least I did although am hopefully about to give my notice and be a SAHM) but chose them as that is where my accounts are.

    Having looked into it, the majority of stakeholders are much of a muchness, and usually charge about 1% admin fee each year. I can't remember the exact time period but am fairly sure that over the last 20 or so years no cash savings account has outperformed a stakeholder.

    Some of the stakeholders (Children's Mutual) give vouchers when you sign up via one of the shops such as Asda, Boots or Mothercare.

    If you prefer to go with a cash saver, Skipton is meant to be one of the best.

    I can't see Grace's accounts online but every time she is given money, I either pay it into her online saver or my a/c and transfer so I can put a description of who gave it to her so she knows when she is older.

    Sorry for the essay and I hope this helps a bit image

    Em xx
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    mummyGGmummyGG
    ooo thanks em xx
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    floss78floss78
    Hiya,

    This had been posted about before but I think was on the Due in Aug section so has now gone forever!
    We went with Skipton (cash savings) as it had the best rate. We wanted a low risk account to at least guarantee we got back what we put in.
    We're just going to put in the funds provided by the government because as soon as your child is old enough to touch the money they can do what they like with it and if you've invested hundreds into it, it could be dangerous and they could fritter it away on something stupid. I'd like to think that Alfie would be sensible but you know what teenagers are like!
    What we chose to do was open an ISA for Alfie with our bank (HSBC) and this is what we will keep topping up for him and we have full control over it.
    This link may prove useful:
    http://www.moneysavingexpert.com/savings/child-trust-fund-vouchers

    Shell xx

    [Modified by: floss78 on February 14, 2010 08:03 PM]

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    EmmaC2009EmmaC2009
    Just another thought - have also opened a regular savings account with Halifax for Grace. It runs for 12 months and you can't withdraw any money during this time or you lose the interest.

    I think the minimum monthly amount is ??10 and the maximum ??250 at 6% interest.

    I am trustee for the account (as per Shell's comments about access!!) and after the year will probably move the money elsewhere into an ISA or maybe a PEP in my name.

    Em xx
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    minnie8586minnie8586
    hey everyone
    thanks for the replies!
    i sent away for something from skipton and all they sent back was something about a stakeholder account.
    did someone say there friend had used the voucher with walkers crisps?
    how did that work?
    we got an info pack fromt hem but i cant find it anymore image

    xxx
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    floss78floss78
    Naughty Skipton only sending the stakeholder details. Here's a list of CTF providers. There's a Walker Crips Stockbroker but not sure about Walkers Crisps. I think it was a friend of MrsN so might be worth asking her about it.

    http://www.childtrustfund.gov.uk/templates/Page.aspx?id=1246

    Shell xx
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