Did you open a Child Trust Fund?

[Bunyip]

We opened a Child Trust Fund when Boo was born, as everyone was then encouraged to do. She got some money from the government to invest in the fund with the promise of another £500 when she turned 7. We were encouraged to invest up to £1200 a year in the fund for her. She has some money in there, but, luckily as it turned out, I lost my job so couldn't invest as much as I wanted.

Now, the government has stopped these accounts, will no longer pay the amount promised when she was 7 and we're basically stuck. We can't move the money invested into the new Child ISA to get a more competitive rate of interest. She's stuck with an account that is currently paying her 1.1 % with no guarantee it will get any better for the next 11 years. I'm fuming I'd have been miles better off buying her some premium bonds with the money, or putting it just about anywhere else.

I've signed the e-petition trying to get us the option to merge the CTF with the new ISA, though even if this happens, I will NEVER invest more money in some government scheme or bond again, only in standard savings accounts.

It was hard to know whether to post this here or in the rant section Anyway, here is the link to the e-petition in case you want to sign up too.

Janice
xx

[raccioc]

I opened CTF's for my 2 but never added anything to the government contribution. The reason being I read that when the child turns 18 the fund is automatically cashed in and the child gets a cheque to spend on whatever they want. Not what I had in mind!! Our 2 don't know about the accounts we have for them, and I wouldn't want them automatically getting a cheque at 18, they might blow the lot!

Rachel

[Bunyip]

Very wise, Rachel. I wish I'd done the same. TBH, we had the same worry about an 18 year old getting a bundle of cash. If I'd had that at 18, I'd spent it carefully on my further education.... NOT

[raccioc]

Originally Posted by Bunyip

Very wise, Rachel. I wish I'd done the same. TBH, we had the same worry about an 18 year old getting a bundle of cash. If I'd had that at 18, I'd spent it carefully on my further education.... NOT

So would I!! LOL!!

[Julia]

I'm afraid I am a bit of a cynic, thought it was a crap idea and hate the idea of gvt schemes for my £££ so never added anything, and any savings our littles have are simply in accounts run by us. So, what, gvt policy changes and we all miss out? Who'd've thought it? If my kids get a few hundred quid back from the taxpayer, then lovely, we don't get much back, but I won't be planning on it!

I am a very "small gvt please" person!!!!!

but sorry for those who have lost out....

[alexandra_c]

I didnt add anyhting for the simple reason that I had nothing to add

Alexandra x

[Liz1967]

Hi

Nothing added here either, I do have building society accounts for mine and add to them as and when I can, or when relatives give them a bit of cash.

My oldest demanded his books at 16 as legally he can as they were in his name and proceeded to blow all the money in them on a massive spending spree, seriously wish I had kept the money in my name, so thats a lesson learned the hard way (for him and me ) There would have been enough for him to learn to drive, buy and insure a decent little car, instead he bought zillions of designer items, new laptop, new phone and, my biggest worry, a motorbike

Love
Liz
xx

[raccioc]

Originally Posted by alexandra_c

I didnt add anyhting for the simple reason that I had nothing to add

Alexandra x

Well yes that was a factor for us too!

[Maggie]

Originally Posted by Julia

I'm afraid I am a bit of a cynic, thought it was a crap idea and hate the idea of gvt schemes for my £££ so never added anything, and any savings our littles have are simply in accounts run by us. So, what, gvt policy changes and we all miss out? Who'd've thought it? If my kids get a few hundred quid back from the taxpayer, then lovely, we don't get much back, but I won't be planning on it!

I am a very "small gvt please" person!!!!!

but sorry for those who have lost out....

My husband said exactly the same thing and was proved right, I have never told Adam about it either and hope at 18 he might be sensible enough not to blow it - not that it will cover much by then I guess
They also have bank accounts - I hope again that they won't be silly and put the money to good use, rather than blowing it. Perhaps they will 'forget' about them till I am sure they are sensible enough to put to good use
Maggie