Child Trust Fund Savings

[MrsPatmore]

I've been saving into the old Child Trust Fund for coming up 12 years in stocks and shares and it has performed well. There is currently around 15K in it and my son will hopefully go to university in 6 years time (but who knows!)
I'm worried about Brexit and the stock market as we'll need the money to help fund university living costs. Is it a good idea to withdraw it and put it in a normal savings account? Any good children's accounts?

The govt trust fund?
Not sure you can withdraw that money?

You can't withdraw it. But you can make a change to the underlying investment choices and switch funds to something more defensive or with lower risk profile if you are now feeling more cautious in outlook. Have a look at your product to see what other fund choices are available to you.

What funds have you chosen?
The UK is just part of a global economy. You could pull it all out to stuff as cash under a mattress (well, you couldn’t actually - but move it to a fund equivalent) due to Brexit. But what would be the point if it’s all invested in emerging South East Asian funds currently?

Also remember that Brexit isn’t going to suddenly happen next year.
The stock markets have been reacting to Brexit for some time already - remember when the pound tanked? My view is no more certain than any other armchair analyst - but I’d say we’ve seen some of the effect already.

Thanks all, I'm going to check the fund profile.

You can change it to a junior isa as that may perform better. He's going to need more than that to go uni
Though

Thanks Bluewidow, yes it's just towards living costs. He'll take the loans etc for tuition fees.

You can easily change it to a junior ISA, just pop into a bank that offers it and they will give you a form to fill out

Thanks.

Yes you can put it into new fund.
Within same parameters.

How much will that go to uni how much do they need.

I've just transferred my youngest child's government trust fund into the Halifax child isa.

It was at ?5% (used to be 6%) per annum.

You have to do all the paperwork in a specific order. I think I had to take trust fund details into the bank and give them permission to open a isa.

Then I had to inform the trust fund provider that I had done this.

The account is untouchable until your child reaches 18 years.

It's a good isa. I've done this for each of them.