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Original poster

Child trust fund - if you didn't set one up

57 replies

Remoteso · 07/09/2021 14:23

Apparently HMRC did on your child's behalf?

www.gov.uk/government/news/thousands-of-teenagers-missing-out-on-child-trust-fund-cash

CTFs were set up for all children born between 1 September 2002 and 2 January 2011 with a live Child Benefit claim. Parents or guardians set up these accounts with Child Trust Fund Providers – usually banks, building societies or investment managers – using vouchers provided by the government. If an account was not opened by the child’s parent, HMRC set one up on the child’s behalf.

I didn't realise this, and I've felt guilty for not setting it up, as well as a new baby had a lot else going on at the time!

I've now filled in the form to see if indeed there is one. Will post back with the news either way.

(And perhaps have the hassle of making it fair for DC who was born after the cut off!)

OP posts:
dementedpixie · 07/09/2021 14:27

I think my sister recently had to do this to find out where her ds's CTF was held as she didn't set it up herself.

TheChosenTwo · 07/09/2021 14:29

I didn’t set one up and 2 of my dc born within the time period had them set up on their behalf. No idea what’s in them as I’ve never been anywhere near them. Certainly never put any money in them.

dementedpixie · 07/09/2021 14:33

We did put money in them (not a lot) and then last year I transferred them into junior ISAs instead

Original poster
Remoteso · 07/09/2021 14:38

We moved when she was about 4 months, mail redirect for 6 months (we assumed this would cover anything we forgot to change address for!) so I guess any annual statements have gone astray!!

OP posts:
Original poster
Remoteso · 07/09/2021 14:39

Excited to see what riches are sitting there for my child. Grin

Will transfer to JISA I think too!

OP posts:
impatientwatcher · 07/09/2021 14:43

Eldest DS just missed the cut off for all the free money!

moostermum · 07/09/2021 15:06

We put in £10 a month for a year and when the annual statement came, it was worth less than the year before. The companies have changed hands a lot. Think it was called Foresters last time

SheilasBroomIsLonger · 07/09/2021 15:32

We did set one up, just with the initial gov cheque, never paid a penny into it.

DS1 is 18 and has just cashed it in. £1200.

BogRollBOGOF · 07/09/2021 15:36

DS had one set up for him as he was born in the dying days of the scheme and a lot of the accounts had already been wound up for new applications. About 6m later I got a letter saying that it had been opened.

ofwarren · 07/09/2021 15:37

My son cashed his for around £1800 too and we also put nothing in it.
That was a HSBC account.

OnceTheyDid · 07/09/2021 15:54

From born to 18 yrs old they are worth around £1500 now if you never added to it.

My DC got his last year and was £10.5k and we had only paid in £20 a month.

H1978 · 07/09/2021 15:59

Both my 16 year old and 11 year old have this. I’ve paid into 16 year olds since she was born, £10.00 per month and she has about £5000.00 in there now.

H1978 · 07/09/2021 16:01

Scrap that, just checked and she’s got £7000.00.

Original poster
Remoteso · 07/09/2021 16:12

Wow some decent amounts, 1500 is not to be sniffed at.

OP posts:
Payproblems · 07/09/2021 17:38

People need to qualify, was this stocks and shares or regular savings within the the jisa.

Payproblems · 07/09/2021 17:39

H197

Is that into stock and shares one or regular saving eg fixed 3%

dementedpixie · 07/09/2021 17:41

@Payproblems

People need to qualify, was this stocks and shares or regular savings within the the jisa.
Do you mean the original child trust fund? Mine was stocks and shares but moved my dc's to cash Junior ISAs last year
Payproblems · 07/09/2021 17:43

Yes demented.

Eg there original had two choices, invest in a normal cash % way with fixed interest per month or people had the choice to invest in the stock market via stocks and shares child isa.

hedgehogger1 · 07/09/2021 18:19

Martin Lewis did a thing several years ago on this asking people to check where theirs were and move them as some companies had started charging management fees which meant their values were decreasing

dementedpixie · 07/09/2021 19:25

@Payproblems

Yes demented.

Eg there original had two choices, invest in a normal cash % way with fixed interest per month or people had the choice to invest in the stock market via stocks and shares child isa.

It wasn't a stocks and shares ISA, it was still a CTF. My dd will have about £7k by the time she is 18 in a couple of months (it was moved to a cash ISA one year ago)

Ds(15) has £6k in his and it was also moved to an JISA last year

Kerplunkk · 07/09/2021 19:39

I know who my DCs is with but I have no idea how
To change it over to a JISA

dementedpixie · 07/09/2021 19:42

You choose the new provider and ask to open a JISA account with them. They ask for your existing CTF details and do the transfer for you. I went with Tesco bank for my 2

Ekofisk · 07/09/2021 19:45

It wasn't a stocks and shares ISA, it was still a CTF.

The original CTFs were cash (like an ISA), shares (investment fund) or stakeholder (stock market) funds.

Ours was a stakeholder CTF which we paid a regular sum into, but swapped to a JISA a few years ago. GPs have paid in for the last 2 or 3 years as well. We planned for it to either cover uni costs or provide a nest egg if DC decided they wanted to do something else.

dementedpixie · 07/09/2021 19:46

www.moneysavingexpert.com/savings/junior-isa/

I went with tesco as you can do it online

Northernsoullover · 07/09/2021 19:48

We just found my sons child trust fund. 500 turned into 1977. It was with Forresters.

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