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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask about your child's trust fund? If you've never added to the fund?

77 replies

MrsMushroom · 31/01/2013 11:43

I just got a statement for DD2 who is 5 in March and found that her balance is over 700 pounds.

I'm pleasantly surprised as we've never been in a position to add to it so this seems quite a decent amount.

How old is your child and what''s their balance if you've not added to the fund?

OP posts:
SkinnybitchWannabe · 31/01/2013 12:13

Ive not been able to add to my ds accounts.
I wouldn't have a clue what's in them unless I dig out the statements

givemeaclue · 31/01/2013 13:09

I don't add to it because they are in the name of the child and I would have no control over what they choose to spend it on at age 18. So I prefer to save for them in an isa in my own name and I can choose what to give them rather than they spend it unwisely.

givemeaclue · 31/01/2013 13:09

Balance and age of child same as yours.

alarkaspree · 31/01/2013 13:12

Oh dear. I agree with both the above posters. I don't add to the accounts because I don't necessarily want to give my children a huge chunk of money when they are 18. And I don't know how much is in them because I'm a bit useless like that.

teaandbourbons · 31/01/2013 13:14

Ds is 4 and there's £650 in it. We don't add to it for the same reason as others, don't want him having unrestricted access to lots of money at 18!

BigGiantCowWithAKnockKnockTail · 31/01/2013 13:21

DD will be 3 in April. There's just over £500 and I haven't added anything.

Kendodd · 31/01/2013 13:24

I have three ages 7, 5 and 4. They all got £250 and don't have much more than that now. I don't add to it. I do save for then though and the reason I don't put the money into the TF is because I don't want them to know about the money I have saved for them.

FurryFox · 31/01/2013 13:24

Dd's are 7 and 5 and I have never added to them. There is only a few £'s more than when they were opened with the £250 voucher.

DonnaDoon · 31/01/2013 13:27

Ha DCs are 8 and 6 and both have LESS than £250. Bloody glad I didn't add to it.

Myliferocks · 31/01/2013 13:29

Two of my children are 8 and 9 and I have never added to their funds and I couldn't tell you how much is in them.
I haven't added to them as I also have 3 older children who don't have them so I don't consider it fair to add to my younger two's funds.

meadow2 · 31/01/2013 13:31

Dd is nearly 5 and Ive added to it she has £1650 so far.She also has isa for when shes older as better interest rate in that.

Dd2 has junior trust fund and isa. Our household income is only 25k though but I want good lump sums in all 4 by the time they are both older.

CointreauVersial · 31/01/2013 13:33

I've never added to DD2's, because I'm not convinced it has a good rate of return, and I was annoyed to find out that she can't have a Junior ISA like her big brother and sister (who pre-dated CTF). So she has to have a regular savings account instead.

DD2 also missed the cut-off date for the second CTF payment of £250 (at age 7?) by about a week, so she only got the initial sum.

CointreauVersial · 31/01/2013 13:35

Meadow, if she has a CTF she's not allowed an ISA! Well, not in her name, anyway.

CremeEggThief · 31/01/2013 13:35

My DS is 10, so his birth year may have the first to get them, and his balance stands at £665.62. I haven't added to it either, but I try to save £60 per month fro him out of the child benefit in another account.

CremeEggThief · 31/01/2013 13:35

for, not fro. Argh!

Original poster
MrsMushroom · 31/01/2013 13:36

I might start adding to them...I'm hoping to brainwash convince them that it is ONLY for university or a car fund. I figure if I tell them that enough times they'll just do that by the time they are old enough.

Do people know if there's are index linked or otherwise?

Maybe I should put the extras in an Isa too...then I can police it...hmm

OP posts:
Meglet · 31/01/2013 13:36

Both are worth not much more than the original £250.

Again, not prepared to add to them as having been 18 I have no desire to give themn a pile of money to fritter away.

They have separate trust funds that can only be used when I say so, whether that's to pay for Uni at 18 or in their late 20's for a house.

WhereMyMilk · 31/01/2013 13:37

All my DC's are now worth less than the £250 put in, so no, I haven't and never will add to it.

I have a policy gently maturing which will be split between them when it comes.

meadow2 · 31/01/2013 13:38

Cointreau - Both dds have isas in my name for money for thrir first house whenever they are ready.The ctf and jtf and for cars/uni costs on 18th birthday. The isas Im aiming for 10k each so they are not having those at 18,unless in position to buy a property.

givemeaclue · 31/01/2013 13:41

Meadow how do you know they will spend the ctf on uni etc, they could spend It on hookers and tattoos and you wouldn't be able to stop them, its in their names and so is their own money .

meadow2 · 31/01/2013 13:43

Givemeaclue - Its only a grand and a half though wouldnt be that bothered if they dpent it all on raving you only live once.The big money is for their other account.

teaandbourbons · 31/01/2013 13:48

Does anyone know the cut off for not getting the extra money when they turn 7?

fromparistoberlin · 31/01/2013 13:49

meadow2

How do you have ISA and CTF? I am CURIOUS as I want to open an ISA for them, but cannpot as they already have a CTF

if you managed this, TELL ME HOW!!!!

LaurieBlueBell · 31/01/2013 13:50

DD is 5 and has £800. Her account lost £nearly £200 last year Confused. I've never added to that one. She has another account with slightly over £3000 which we pay a regular amount into.

Original poster
MrsMushroom · 31/01/2013 13:50

I'd be bothered...*meadow I don't have the means to arrange "big money" and grand and a half or a couple of grand could make a difference if I'm not in a good financial position when they're 18 and want a car.

OP posts: