£250 governement gift to New Baby

Ivrytwr3

Brittania - was good at the time, don't know about now (4 years and 2 years). We put in £33 child benefit each per month and any birthday/Xmas money too.

I have concerns like Spendless too ie it is THEIR account an dthey could just go and withdraw the lot when they turn 18. So i am not sure as to whether i should tell them about it or not!!

robin_banks

As they will be 18 (i.e. old enough to have credit facilities) and it is thier money I can't see how you can't tell them.

As to whether or not they'll p!ss it up the wall is a different question.
As a forty year old man I wouldn't, as an 18 year old with a thirst for snakebite & black I probably would.

Krystaltips

I completely agree which is why the only money in my children's trust fund is what the government puts in there... DD's savings account has a bit more in, and me as a signatory... She can have it when I think it would be a good time to give it to her... Same for the new baby too!

Ivrytwr3

As they will be 18 (i.e. old enough to have credit facilities) and it is thier money I can't see how you can't tell them.

i can tell them whenever i want. if that means i tell them when they are 40 year old then i will. If i think they are mature enough i will tell them at 18.

I would really prefer a way for them to withdraw at 18 and i move it to an account where it requires my signature to withdraw. It's their money but it is for a wedding/car/university etc, not for pi$$ing up the wall!! lol

Pssst

Send it here to help a child who will otherwise never have the chances that your child will have?

http://www.worldvision.org.uk/server.php?show=nav.29

robin_banks

Ivrytwr3 wrote: »

i can tell them whenever i want. if that means i tell them when they are 40 year old then i will. If i think they are mature enough i will tell them at 18.

I would really prefer a way for them to withdraw at 18 and i move it to an account where it requires my signature to withdraw. It's their money but it is for a wedding/car/university etc, not for pi$$ing up the wall!! lol

One they're 18 it ain't for us as parents to say. After all they can marry without a parents consent, apply for a mortgage, get themselves shot at 'serving thier country' .

However I will trust my children to make thier own decisions at the age of 18.

Krystaltips

I think they will know the money is there when all their friends are getting theirs...

starbump

Pssst wrote: »

Send it here to help a child who will otherwise never have the chances that your child will have?

http://www.worldvision.org.uk/server.php?show=nav.29

A noble idea but of course the £250 in question is a government voucher only cashable into a Child Trust Fund. (Just in case there are any confused lurkers.)

We invested baby #1's voucher with Foreign & Colonial (and will probably do the same for baby #2). For us, a cash CTF with a bank did not appeal as 18 years is long enough to hope for some growth in investment and the £250 is essentially "free" money we/she can afford to lose. In any case, baby #1 has a couple of child bank accounts anyway so she still has somewhere to deposit cash.

Savvy_Sue

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AirlieBird

Ivrytwr3 wrote: »

i can tell them whenever i want. if that means i tell them when they are 40 year old then i will. If i think they are mature enough i will tell them at 18.

I'm afraid you can't tell them whenever you want. Once the child reaches their 16th birthday they are the only person allowed to be the registered contact and manage the account. They will be the ones that receive the annual statements and all other correspondence on the account.