Am in Jersey and had not heard child trust funds until something arrived in the post from Boots. I don't think we have them here, but I could be wrong.
I want to set up something for DD for when is 18 or so, so she has a bit to start up first place or whatever. Can someone intelligent who knows about finances (I am neither - in mitigation have 3 month old baby and brain is mushy) advise me on whether they are the best way to go, or if I should just open up a high interest account for her and pay in regularly?
Have a think about whether you are prepared to see your hardsaved money being spent by your DC at 18yo in a way that you find inappropriate.
Eg. My lovely, levelheaded, hardworking niece has just spent the £15K that her grandad saved over 18 years to spend on her higher education. She blew it all on a new car, having just been bought a second hand one by her parents for her 18th.
In a CTF, the child has access to that money at 18. If you set up an account in your name however, you can give the child the money if you think they are sensible enough. If you are a taxpayer though, you will pay tax on any interest accrued, whereas a childs account is tax-free.
Dunno about Jersey though, perhaps different rules apply. Pop into your local bank for a chat to see what they offer - you can get free advice