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  • Are you entitled to claim the money you put into the child trust fund as a gift on your tax return?
  • Hi
    I want to set up a savings account for my nephew and two nieces, in which i will put money in on a monthly basis. I'm not sure how to go about this or what is the best method, would i need to set a trust fund for them?

    Many thanks
  • Hi, I have a Cash child trust fund with Nationwide about £2400 and the interest rate is not very good. Anyone know if I can move this money to another provider and if you know which is the best account to move this money into?
  • cloud_dog
    cloud_dog Posts: 6,026
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    bully1234 wrote: »
    Hi, I have a Cash child trust fund with Nationwide about £2400 and the interest rate is not very good. Anyone know if I can move this money to another provider and if you know which is the best account to move this money into?
    CTF Accounts are portable unless there are account specific tie ins applied from your existing provider.

    Look at the below link for a list of child accounts (you'll need to pick out the CTF versions):

    http://www.moneysupermarket.com/savings/compareresults.aspx?enquiryId=16313365
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  • bully1234 wrote: »
    Hi, I have a Cash child trust fund with Nationwide about £2400 and the interest rate is not very good. Anyone know if I can move this money to another provider and if you know which is the best account to move this money into?

    My sister and I have researched CTF's quite a bit over this last week. I wasn't happy on the idea of the little one having less than we've saved at the end of the term, so my sister will change to a cash CTF, which i see is what you already have.

    Yorkshire Building Society is currently the best, based on interest and you can transfer anytime you wish.
    Martin, the money saving man himself, was only talking about this a few weeks ago on GMTV, which is what made me start looking into things, and he advised that you can transfer.

    I wonder if you can only transfer to a CTF or could we move it to a child saver account - halifax currently give 6% interest.
  • Oly
    Oly Posts: 32
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    Having just had the arrival of Lil' Lily we are keen to invest our CTF in the FTSE 100 for the full 18 years - but I would like to find the cheapest way to do this.

    Our intention is to simply put the £500 CTF (after the additional £250 at age 7) in the FTSE 100 and leave it there for the full duration as a bonus 18th birthday present. All other savings will be going in a separate account, controlled by us, for when she is older & wiser.

    Any advice would be greatly appreciated.

    Thanks,
    Oly
  • unluckyone wrote: »
    My sister and I have researched CTF's quite a bit over this last week. I wasn't happy on the idea of the little one having less than we've saved at the end of the term, so my sister will change to a cash CTF, which i see is what you already have.

    Yorkshire Building Society is currently the best, based on interest and you can transfer anytime you wish.
    Martin, the money saving man himself, was only talking about this a few weeks ago on GMTV, which is what made me start looking into things, and he advised that you can transfer.

    I wonder if you can only transfer to a CTF or could we move it to a child saver account - halifax currently give 6% interest.

    Two things:

    1) No you can't move it out of a CTF - it must stay in there until the child turns 18. You can move it between different CTFs but not into other savings vehicles.

    2) The Halifax 6% is only on regular savings capped at £100 a month for a year. You can't get that rate for an amount you transfer in. The best flat rate is currently around 2 or 3% - roughly on a par with the best CTFs.
  • It seems that the Hanley Building society are currently offering a cash CTF at 5%.

    The catch seems to be that you have to open it in person and that they only have five branches, all in or around Stoke on Trent.
  • cloud_dog
    cloud_dog Posts: 6,026
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    Oly wrote: »
    Having just had the arrival of Lil' Lily we are keen to invest our CTF in the FTSE 100 for the full 18 years - but I would like to find the cheapest way to do this.

    Any advice would be greatly appreciated.
    Most CTF providers offer fund based investments, so assuming you do not want tot go down the self select route (Selftrade) then someone like F&C might have what you want. They provide a FTSE 100 tracker, plus 15 funds:

    http://www.fandc.com/new/IT/Default.aspx?id=78397 (Scroll down)

    A full list of providers is here
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • ses6jwg
    ses6jwg Posts: 5,381
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    Hi all.

    Currently have around £1,000 in a CTF with Leeds and Holbeck as a Cash item.

    I am looking at options at the moment as the interest rate isnt very good.

    I was looking at moving it to their Stakeholder CTF, which tracks the FTSE All-Share Index. Does this sound like a decent way to go? I know the all-share tends to outperform the FTSE100. As its over 18 years I'm not bothered about ups and downs.

    I have another £1000 in a child savings account with Natwest, which I believe is earning something like 1%. So I want to keep this as cash. Any advice on decent childrens accounts?
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