Savings accounts and CTF?

[polo_princess]

What have you all done regarding these?

Have you opened your CTF and are going to contribute towards that?

Or have you opened your CTF and a savings account aswell and then contribute to both, or just the savings account?

 

[Arcanegirl]

Ive done CTF and im going to do a seperate savings account.

 

[Linzi]

We;ve set up child trust fund and putting in £10 each month.

xxx

 

[xJG30]

We've set up the child trust fund and left it..

I saved up whilst I was pregnant and put that into an account especially for Tom as well which holds up to £5,000 then upgrades when you get more.

 

[Becky]

Jacob has two a normal account that he can get to and his CTF he cant touch! The child has more money than me though! x

 

[xJG30]

Jacob has two a normal account that he can get to and his CTF he cant touch! The child has more money than me though! x

Same with Tom.. he had just over a grand before he was 2weeks old

 

[nessajane]

I contribute £10 a month to his CTF and OH pays £30 a month to a savings account.

We wanted to set up a saving account as we didnt want him having free range to that much money when he turned 18. x

 

[Christine33]

we have set ali's up with all his child benefit money going into his CTF every month. we will be doing the same with the next baby too. X

 

[Laura--x]

We have a CTF which i put £5 a month into and oh will be putting £10 a month into when he gets a job... we do have a savings account but i havnt put nothing in there yet x

 

[helen1234]

Ive done CTF and im going to do a seperate savings account.

same here when we get round to it, my cousin is a big banker on the canary wharf said something about better to do something separate something to do wth the government having ahold over the money that goes in with the ctf money. goes a bt over my head tbh

 

[lesleyann]

got my CTF acount and im not putting any money into that.. and his got another savings account my gran has control over that she saves for him and im opening one for him next month and putting £20 per month in aswell as all the money we put in money boxes for him lol

 

[polo_princess]

Reason i asked was because i opened a savings account for Brooke yesterday.

I figured im going to leave the CTF alone and let it do its own thing, when can they cash that? At 16 or 18?

 

[nessajane]

I think its 18??

 

[AC81]

At the moment I've just set up the CTF and a monthly direct debit to pay into it. Not sure if we'll set up a seperate bank account, might do if we think we'll exceed the yearly maximum contribution limit (unlikely though!).

 

[purpledahlia]

I plan on just opening a CTF account and leaving it, and i am saving just now for me and baby but cant do much else untill i get a new job next year, then ill probably open a savings account. But im not going to get maternity pay and im on my own so i cant do much untill then. IF baby gets given money from family after the birth ill put it into a new savings acc. (but in my name and ill give it as a 21st) PROBABLY, but baby not here yet so might change

 

[candeur]

Seren has a CTF and I'm going to open a seperate savings account for her.

 

[Christine33]

i got a letter through for Ali saying the government had given him a further £250 and it had gone straight to his child trust fund - has anyone else had this for their LO? I thought they only got a second payment when they were 7 years old? X

 

[reallytinyamy]

Chloe has 2 accounts at Nationwide, one with her CTF and a savings account

 

[sam*~*louize]

IF you open a savings account for them, does it open in theor name or yours....as if it's their name, surely when they're older, and mail comes for them - and in their name they can access it?

Same as polo, we're going to do the ctf and saving seperate as should she be a tearaway all that money is hers to do whatever with...

 

[smartie]

i got a letter through for Ali saying the government had given him a further £250 and it had gone straight to his child trust fund - has anyone else had this for their LO? I thought they only got a second payment when they were 7 years old? X

I found this on the CTF website:

As well as the Child Trust Fund (CTF) voucher, children in families with lower incomes will automatically get an additional payment of £250 from the Government once a CTC award has been finalised. This will be paid directly into the accounts of children who live in families receiving Child Tax Credit (CTC), where household income is not greater than the CTC threshold of £16,040 for 2009/10 or where the person in receipt of CTC was also in receipt of

* income support
* income-based jobseeker's allowance
* pension credit, or
* employment and support allowance