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account similar to CTF for child born before 1sept 02.

(5 Posts)
misdee Tue 28-Jun-05 14:08:02

dd1 was born waaybefore the CTF accounts were introduced. want similar thing for her. a\ccount where i can deposit moeny and she cant get it till she is 18.

starlover Tue 28-Jun-05 14:08:39

you can set up a trust fund at any bank/building society

misdee Tue 28-Jun-05 14:11:54

how much do i need to set one up?

starlover Tue 28-Jun-05 14:19:24

not sure.. never done one! you could probably look them up online and see if they have minimum fee to start one.

allieballie Tue 28-Jun-05 22:50:03

I'm looking into this at the moment too. Friendly societies have tax free savings plans for children where you can save up to £25 a month till they reach 18 or 21. My parents did this for me years ago and it helped pay the deposit on my first flat
I'm not sure how good the return is- the scottish friendly site anticipated a growth of 3.5%, my children have a Nationwide savings account with guaranteed 5% interest. I suppose you could always hide the bank book till they're older.

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