CTF Scrapped

[davidla]

Does anyone know what this means?
Is it that from 2011 you can't put anymore money in but you must still keep the money in the CTF until your child is 18.
Or is that in 2011 they will give you back the money invested (plus/minues interest etc earned).

Thanks.

I hadn't thought of it that way.
I was a bit sad for any future children I have as my first two will have savings and future ones won't

I think they are scrapping the £250 for 7 year olds in August this year. Luckily my ds will be 7 in June
Frazzle - it doesn't mean that you can't save, just you'll have to do it in a different way.

but I wouldn't have a spare £250 to start them up at birth.

DS1's balance has risen quite a bit in 5 years.

No idea what's happened to DS2's. He's 14 months and I never got the chance to pay in his voucher as my bank made it virtually impossible to pay it in so I left it up to the government to do it. Not heard anything yet though....
I was under the impression if you haven't used it by 1 year they do it for you?

Yes they do Frazzle. I kept putting off dealing with my twins ones (pushy bank only go in if I really really need to) and now they have accounts with 2 very different banks one performing well the other not so well. You should get a letter from the bank it has been handed to soon if I remember correctly.

The Daily Mail's campaign seems to be bearing fruit. This morning 'This is Money' reported that there is a 'glimmer' of hope that the new draft CTF rules due to be published next week will allow CTFs to be transferred to Junior ISAs. The paper's had a campaign going on for months. I'd drop a few words on their site if I could to offer support but the comment service isn't working.