CTF again - Savings Account

[DaddyCool]

Ok, I give up. We don't want to contribute to this one, we want to open one ourselves and control it... we'll get to that.

Anyway, I'm assuming if I don't want to contribute monthly amounts on top of the £250, I just have to start up a savings account (separate to one we're going to open to control ourselves btw)

Any recommondations? I just want somewhere decent to stick the £250 with the possible option of adding to it if we change our minds.

you don't have to add to the ctf if you don't want to.
you can have any of the types afaik... we have a shares one and haven't contributed anything yet
we can add what we want when we want

we have ours with family investments

ooh ooh, which one?

all the ones i've looked at require at least £10 a month. which one is yours if you don't mind me asking?

oops, too late. thanks. i would like to go with family investments (seem to be one of the main ones) but there is surprising lack of info on the website. I'll request an info pack and give them a ring on their 0800 number on Monday.

thanks

ut's here

that's my brother's fault. he works for them

DaddyCool, I am going through the same thought process just now. I'd prefer a shares-based investment but the high charges suggest it'd be better to open a separate, non CTF account for this purpose. However, of course the £250 voucher has to be used to open a CTF so I will probably just open a savings CTF and bung the cash in.

Btw, I hadn't realised that CTF providers were going to charge for running savings accounts as well as shares-based CTFs! That really is taking the biscuit.

Anyway, I've just done a comparison on Money Supermarket since basically I think the only criterion is the interest rate. It looks like the Ipswich Building Society has the best rate currently at 5.75% but for example, the Nationwide (5%) has a 1% bonus if you pay in £240 per year or more. (Not sure if that includes the voucher for the first year, though).

Another thing I am looking for is accounts which can be administered online, I think this is quite rare in the CTF market. Looks like the Nationwide one can be, so I think I will probably opt for that one.

Let me know how you get on! I haven't decided what to do for ds's "proper" savings, I've been reading Investing for Children board at the Motley Fool for months and am still none the wiser! Except for discovering that bare trusts, like CTFs, only hold the money in trust for the child til they're 18, and then officially they can take the whole lot and spend it on fags and booze. Just what I want to avoid, I guess you too.

excellent leads. thanks guys

Tribpot, they can take the money at 18 if they know it is there .

If you do not want to add to the CTF but want the benefit of investing on a monthly basis why not open an ISA and then you would have control of the money and can give it to the child at 18? Use the £250 in the CTF.