Child trust fund...

[MrsEngland]

We got our voucher for Delilah's trust fund the other day and i am at a total loss as to where i should put it or how to decide anyone got any advice?

 

[stepmummy]

You can either pop it in an account or invest it. It should have come with a pack about where you can put it? We chose to pop it in a Natwest account which we can slowly add to over the years for LO £50's rubbish isn't it!? We JUST missed the deadline for getting £250 by like 8 days.

 

[stepmummy]

https://www.childtrustfund.gov.uk/

 

[PrincessJenna]

If you don't mind a risk then put it into a share scheme if you'd rather they just had what you can afford for them to have and guarentee some money then just a basic child trust fund account they can't access till 18! x

 

[mrsp14]

Sorry to crash this thread but was wondering if you have to use the voucher to open an account or if you can put in an account already opened. We opened a savings accoutn for our LO the week she was born!!!

 

[Feltzy]

You can either get a stakeholder trust fund (tracks the ftse as far as I know) or a savings one. We went for a savings one and I'm glad we did as all my friends/family who had babies around the same time have lost some of their money in a stakeholder fund. We decided to go with Nationwide for both ours but I've not really researched them for a while so I don't know which ones are offering the best rates atm.

 

[aimee-lou]

I think you have to have a special account - best to pop into the bank/building society and ask to speak to an advisor. All the banks offer a similar product (because it's a government initiative there isn't much between them). We put Earl's into the Co-op CTF and we pay in £15 a month at the moment to top it up. I'm going to start another one soon to top up for weddings etc lol.

 

[xxembobxx]

Just to bear in mind the value in the account can go down.
If you add to the account that money can also go down in value. Also when you add money it will be stuck in the account and not able to be retrieved until LO is 18. I know most people will never want to take the money out but I have seen one upset lady complaining as the value of her childs account was going down and she could do nothing to save it - she had to watch it get less and less.

 

[lili24]

If you are willing to take the risk and go for a stakeholder account the best one around right now is with family investments. There ethical child trust fund account has a great rate, and you can get £35 cashback through quidco, and £25 of Boots vouchers if you set up a regular direct debit. Just be aware that over the years it may decrease in value.

Otherwise go for a cash savings type account and at least you know it will never be worth any less than it is now. Nationwide offer these if you have one near you.