Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

Child trust fund...government scheme

20 replies

Dowser · 13/08/2019 18:18

Am I right in thinking that next year will be the first year that the government backed child trust fund will start to mature.

My grandson was born in 2003 and will be 18 in 2021
Nothing has been added to it so we are just wondering how much it will be worth when it matures.

OP posts:
HollowTalk · 13/08/2019 18:19

Does this scheme still exist for babies born now?

gingercat02 · 13/08/2019 18:20

We get a statement every year. Never added to it

gingercat02 · 13/08/2019 18:22

No @hollowtalk it was done away with years ago. The original plan was 2 payments of £500, ds is 11 and only got one and it was phased out a few years later

lorn195 · 13/08/2019 18:26

@HollowTalk after the child trust funds finished, parents could open Junior ISA which we have done for our eldest.

MaddieElla · 13/08/2019 18:30

Both of mine got it (2003 + 2006) think they have a couple of thousand each but I don't check it, just file the yearly letter.

CallSignCharlie · 13/08/2019 18:31

My 12yr old has one . I can’t help with how much it should be worth as his has been added to by grandparents over the years

Sorry to hijak but does anyone have any thoughts on changing it to a junior isa . Are they better than keeping it trust fund ?

lorn195 · 13/08/2019 18:35

@CallSignCharlie it depends on the interest rate 🙁, it's usually similar to a normal ISA, but it's worth shopping around.

Bornfreebutinbiscuits · 13/08/2019 18:48

Was it placed in cash isa or stocks and shares isa.

If latter and it was not added too it might be worth something, few hundred but if former and not added too it won't be worth much

Weymo · 13/08/2019 22:18

My youngest received £250 and it’s gone up to £750 since 2009.

I can’t remember if it’s in a low or high risk stocks and shares option.

Hopefully there will be enough to pay for driving lessons at least when he turns 16. But there may be nothing at all.

I don’t know whether to change it to a Junior ISA or not, I haven’t got around to researching the pros and cons yet.

Spinnaret · 13/08/2019 22:23

Both mine got it, 2005 and 2010. We have continued to invest. DS1's already has enough for a decent house deposit with 5 years to go.
I know people worry about them having access to that kind of money at 18, but he is tight as a gnat's chuff and will still have most of a year at school at that point, so I am confident we will be able to guide him sensibly.

DS2 also has a good chunk, but obviously hasn't done as well, thanks to the tanking economy. Hopefully, it improves...

Hadenoughofitall441 · 13/08/2019 22:30

I got a statement for DS a few months back, at the moment his is £852, he was born in 2008. I do feel bad dd doesn’t have it and I can’t afford to save money each month. ☹️

PhantomErik · 13/08/2019 22:40

Hadenoughofitall441 my dd & ds1 both got the £250 child trust fund but ds2 didn't. It took a few years to get round to doing it but we opened a junior savings account for him & paid in £250 bit by bit. We'll add another £50 as we didn't open it immediately & will then keep an eye on DD & DS1's child trust funds & top up his if necessary/possible.

Overseasmom100 · 13/08/2019 22:41

We got it in 2005 with Halifax...year on it it made a piddly amount...literally £20/30 a year if that

Rickandportly · 14/08/2019 00:11

I know my son had one but I never changed my address or added anything to it.

How do I find out about it now?

IncyWincyGrownUp · 14/08/2019 00:52

Rickandportly you can log in to www.gov.uk/child-trust-funds to find out.

haveuheard · 14/08/2019 06:40

Most of the financial incentives for having children like child trust funds and free money if you simply attended prenatal appointments stopped around 2010. My eldest DS was born early 2011 so we just missed out on it all.

TeamUnicorn · 14/08/2019 08:39

My oldest two have one. We have done nothing with it, other than put it in a stocks and shares account. It has made a little bit, ds who is two years younger currently has more than DD. It will only be a few hundred probably, we will right it all out once each one reaches 18.

SandraOhshair · 14/08/2019 08:48

Do you not get statements OP? We do, but we add monthly to it.
For those asking if it's worth moving. Get a latest statement and work out how much interest it's getting. Our one has returned 15 to 20 percent regularly for the lat 10 years. No way we'll swap to an isa.

SouthWestmom · 14/08/2019 09:00

Yet another stupid idea that didn't change anything but gave those that could afford to top up some free cash.

Honestly the bigger picture is budgeting, obesity, tackling social housing but no, my son has £500 he can't access for 18 year....

And we can't afford to do the same for the others so only one gets it.

Toastie7 · 14/08/2019 09:27

Daughter is 18 next year. We haven't added anything to it. It is a stocks and shares account with our bank. She has £1000.

New posts on this thread. Refresh page
Swipe left for the next trending thread