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Child Trust Fund money.......what are you doing with it ??

(39 Posts)
nutcracker Fri 21-Jan-05 10:56:09

What do i do with the 250 voucher that i will get for Ds ?? Have just recieved my info pack and apparently the voucher will arrive in the next few days.

So do i put it in a savings account ?? if so which sort ??

Haven't a clue about these things as we don't have any savings at all.

Also feel guilty that Ds will have this lumps um of whatever when he is 18 and the girls will have nothing.

secur Fri 21-Jan-05 11:07:52

Message withdrawn

KBear Fri 21-Jan-05 11:37:30

my two are too old to receive this unfortunately but I keep getting sent info from companies hoping to invest the money for me!!!

secur sounds like she knows what she's talking about.

As for your DS getting money and the others not, could you just share it between when the plan matures?

nutcracker Fri 21-Jan-05 11:39:49

I have looked at some of the different accounts, but not sure wether to go for a plain old savings one or a shares one or what.

I suppose if i don't want the money put at risk then it should be a normal savings account.

Dd is a bit better today Secur, thanks. Nearly had a to do over her having a dolls dummy in her mouth all the way to school but managed to get her to hand it over without too much fuss.

otto Fri 21-Jan-05 11:42:52

Also keep and eye out in the papers. The personal finance sections will be running stories on it and there are bound of be lots of recommendations.

nutcracker Fri 21-Jan-05 11:43:57

Oooo good idea, hadn't thought of that, thanks.

secur Fri 21-Jan-05 11:47:20

Message withdrawn

katzguk Fri 21-Jan-05 12:03:46

i have just started to look into this for DD, the account the abbey are proposing looks quite good as does the interest rate, its about 1 % higher than their current childrens account. i like the idea of a regular account personally, no risk!

Gobbledigook Fri 21-Jan-05 12:14:40

Nutty, I'm just putting mine in the Royal Bank of Scotland as they already have money in kids accounts there. DS1 won't get a voucher, just ds2 and ds3 but ds1 is loaded compared to the other two anyway - he got a lot more money on birth and christening than the others - partly just that 'first baby' thing adn partly because more great grandparents were around when he was born and were quite generous with money. They died before ds2 and ds3 came along.

katzguk Fri 21-Jan-05 12:16:53

gobble - whats the RBS account like?

BigFatHeiferEnid Fri 21-Jan-05 12:17:46

looking for a ethical share account...

Gobbledigook Fri 21-Jan-05 12:22:02

Kat - it's just a normal savings account with no risk called a Rainbow Account. You don't get huge amounts with it, just a little savings book and a moneybox but we chose it because we have our current account mortgage with them (like a 'one' account) and it's fantastic and we also find RBS really, really personal and friendly. They bend over backwards for us and we think they are fab so it was easier just to have all the family accounts in one place.

misdee Sun 23-Jan-05 08:47:30

i got dd2 voucher yesterday. she got £277, and i think i'm just gonna put it into an Abby CTF account. i am no good with shares or stakeholder accounts, so good old savings for me.

dd2 only just qualifies for it, she was born on 1st sept 2002!!

with regards to dd1 not having any money, i am gonna try and get £500 into an account with similar interest rates at some point soon, and then add to each account the same amount each time. as bubs will also get CTF account.

Earlybird Sun 23-Jan-05 08:51:13

I think it's wonderful that the government is doing this, but feel unhappy that dd barely misses out. I know they had to draw the line somewhere, but wish we were on the other side of the line!

misdee Sun 23-Jan-05 08:53:58

am happy that dd2 just makles the date really. i'd feel awful if only one child got it, and would feel that i'd have to set up 2 more accounts out of my own pocket. thank goodness i only have to do one extra account.

Titania Sun 23-Jan-05 08:54:47

do they get this even if you had the sure start maternity grant? I haven't heard anything about it.

Newbarnsleygirl Sun 23-Jan-05 08:55:52

I'm putting dd's into a police mutual fund. It has a good rate on it but I'm sure you can only get them if a member of your family are in the police force.

misdee Sun 23-Jan-05 08:57:03

yeah u do titania. its moeny u cant touch, and its is for the child when they turn 18. for all children born on or after 1st sept 2002.

Titania Sun 23-Jan-05 08:59:07

so i should get it for ds2...born feb 04? do i have to apply for it?

misdee Sun 23-Jan-05 09:00:50

it should be sent out automatically to you. might take a while as they have 2.5years worth of kids to get through lol.

Newbarnsleygirl Sun 23-Jan-05 09:02:11

No they should have sent you a letter to tell you your getting it and then the voucher comes at some point this year. I have April in my head for some reason. You can add to it as well but only up to £1000 and something. Only your child can get to it when they're 18.

Titania Sun 23-Jan-05 09:02:43

ah right thats true!! is it the same amount for everyone?

pixiefish Sun 23-Jan-05 09:07:25

You should get a letter titania- they administer it through the child benefit.

Barclays are giving a heffalump soft toy if you open the account with them and open an ordinary savings account they've got an advert in behaviou and development

coppertop Sun 23-Jan-05 09:10:05

Parents will be getting the vouchers between now and April. The money itself will be released in April. The amounts vary according to the age of the child (older ones get a bit more because interest has been added) and the family's income. Lower income families get £500 per child. Everyone else gets £250.

Titania Sun 23-Jan-05 09:12:19

ah right. thanks for that everyone. x x

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