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You can pay it into a savings style account. If that is what you prefer read the article this thread is about.We've still got our £250 child trust fund voucher from last july (so much going on with the baby we forgot about it
)
So what options are still available for us? and of course, which would be best?
Or (my preference) you can go for an investment type account. See my post immediately before yours for suggestions.
It has to be a CTF account, not just any savings account. However you can add extra money of your own up to the annual limits whichever type of account you go for.Can i pay it into a "Children's Regular Saver" account from the halifax then keep topping it up every month?
Whatever you do you will have to act fast. If you fail to make a decision within a year of the child's birth the government chooses a CTF for you.0 -
Hello all,
Just a quick question. We are just about to start saving for our first child and have seen that Hanley Economic Building Society has the best rate over everyone else by at least 2% for Children's Trust Funds.
I know that the problem is with having to travel to the nearest one as nothing is done via post, phone or online, but am i missing something as i am thinking of using the Halifax Regular Saver for the 6% for to save the £1200 per year and then once this is transferred to their Halifax Save4it account then withdraw it and then put it in the Hanley Economic Building Society Account. Then starting the process again with Halifax for the next year (and then keep transferring the money over once per year to top the Child's Trust Fund.).
London, the closest for us is a bit of a trek and so we could make the journey once a year (or if we are going to London then pay in then) to pay in the monies from the Halifax savings.
Does this sound like a logical plan or am i going the wrong way about it?
Any advice and 'constructive' criticism would be very much appreciative.0 -
Sounds like a very good idea. Make sure you complete an Inland Revenue form R85 for the Halifax RS so that the childs money is paid gross (full 6%).Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
My twins have CTF accounts. One of them is worth £100 more than the other. Can anyone explain this? They were bothe started at the same time.0
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I'm sure the CTF provider can provide info which will answer it.My twins have CTF accounts. One of them is worth £100 more than the other. Can anyone explain this? They were bothe started at the same time.
Whilst they were twins.......- Are they the same type of account
- Were they started on exactly the same day
- Have you added money to the accounts - have both actually recieved the same deposits
Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Hello all,
Just a quick question. We are just about to start saving for our first child and have seen that Hanley Economic Building Society has the best rate over everyone else by at least 2% for Children's Trust Funds.
I know that the problem is with having to travel to the nearest one as nothing is done via post, phone or online, but am i missing something as i am thinking of using the Halifax Regular Saver for the 6% for to save the £1200 per year and then once this is transferred to their Halifax Save4it account then withdraw it and then put it in the Hanley Economic Building Society Account. Then starting the process again with Halifax for the next year (and then keep transferring the money over once per year to top the Child's Trust Fund.).
London, the closest for us is a bit of a trek and so we could make the journey once a year (or if we are going to London then pay in then) to pay in the monies from the Halifax savings.
Does this sound like a logical plan or am i going the wrong way about it?
Any advice and 'constructive' criticism would be very much appreciative.
that is exactly what i've done for both my little ones. the money after 12 months was shifted to a Save4it which i withdrew immediately and put into another account with another bank0 -
Great, you've learnt how to cut and paste from Wikipedia. Did you have a question?A Child Trust Fund (CTF) is a long-term savings or investment account for children in the United Kingdom. The UK Government introduced the Child Trust Fund with the aim of ensuring every child has savings at the age of 18, helping children get into the habit of saving whilst teaching them the benefits of saving and helping them understand personal finance.0 -
with the halifax, cant you just open another 6% account after the 12 months is up if the original 1 has been closed?0
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Hi
I have a question re savings that i would like some advice on duno if any of you have done the same thing.
I would like to save a regular amount each month for a fixed term of 10 years so it matures when my children are both 21.
Is it better to save in my childrens name or in mine ??
I have been looking at bonds where there would be bonus's each year just didnt know if its better in their name or mine.
Any help would be appericated.
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Thanks for this post very helpful0
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