Best place to put CTF...

[Sophie1205]

I reallllyy need to get Leo's child trust fund sorted out!
But I really dont understand it or know where to put it.
Help anyone???
xx

 

[Sarahkka]

In Canada, we have the RESP (Registered Education Savings Plan). If you invest in an approved plan (anything from a mutual fund to a savings account), the government will match it by 20%, up to a limit. It has to be used for education, but it's pretty brilliant for savings. Do you have anything similar in the UK? That would be the first thing I would check into.
Good luck!

 

[chuck]

https://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/DG_10018527

There are links on this page that tell you all it, basically you have to set up a child trust fund account but shop around for one as everywhere offers different deals, you apply and are issued with a voucher - it doesn't become real 'money' until the child is 18.

 

[jackiea85]

^^^ that link is really handy. I had no idea what to do with Joseph's, it all confused me, I went with the Children's Mutual in the end, it sounded quite good (what I understood of it lol) x

 

[candeur]

I put Seren's with the Childrens Mutual, in a stakeholder account. I got a statement through a couple of months ago and my amount has gone up to about £370
I know it can go down as well as going up, but my way of thinking is that she's not going to go without either way.

 

[polo_princess]

I put Brookes in a regular savings account with Nationwide, in the current financial climate i felt it was was the best option, also who's to say we arent going to go into recession again in 18 years time.

So i took the lower value (in the end) but safer option

 

[Donna35]

I put JJ's in Lloyds TSB but they do it in the Childrens Mutual - we received £20 in Boots vouchers for doing it - bonus lol

 

[jackiea85]

I put JJ's in Lloyds TSB but they do it in the Childrens Mutual - we received £20 in Boots vouchers for doing it - bonus lol

Lol we got £20 in vouchers for Mothercare from the children's mutual

 

[Sophie1205]

Ahh Im with LLoyds. I might just ask them about it
thanks xx

 

[Shinning_Star]

I've been looking for a 'normal' account that doesn't put it in shares but couldn't find one so I will pop into nationwide, cos I had no idea they did one.

My little boy had 500.00 in 2004 due to being on a low income at the time and I put it into abbey stkeholder under the impression (I asked) that it would not go below what we had put in, well a few months ago I find out that his account has lost 60.00 in five years!!!!!!!!!!!!!!!!!!!!! So I tried to move it, and had alot of trouble!
SO I am trying to put Olivia's into a normal account tbh.OK it won't make any money right now, but the iterest rate is bound to go up now as we come out of the recession and then they wn't loose anymore!

 

[Jemma_x]

I put Brookes in a regular savings account with Nationwide, in the current financial climate i felt it was was the best option, also who's to say we arent going to go into recession again in 18 years time.

So i took the lower value (in the end) but safer option

i did exactly the same with connors put it in a savings account with nationwide for the same reason

 

[Marleysgirl]

There's a good explanation of CTF options here.