childrens savings and child trust funds

lkmc01

For those with child who save any amount of money for them and have a child trust fund.

From the money you save for your child/ren. Do you put all of it into their trust fund for them for when they are 18 years old?

Do you not put any into the trust fund and use other accounts instead? If so, which type of accounts? Childrens regular savings? Adult accounts in your name, but really the money is theres?

Or do you use both saving accounts and their trust fund? If you do, what percentage of the money you save for them do you put into their trust fund and what percentage do you therefore put into savings accounts? Are you filling the £1200 into their trust fund first and then looking for savings accounts elsewhere?

What type of trust fund account do you have and with whom do you have them.

I'm asking this as I want to find out if people are putting all their money they are saving for their children into the trust fund. So really how much do people trust there account? I know its a guess in the dark though.

Or maybe the best thing to do is save in a savings account and add the money into the trust fund on a yearly basis when you think your going to get more units for your money.

Or are you using savings accounts for them as you don't want the money locked away until they are 18 years old -

a) Do you want to keep it available just incase you need to borrow it yourself?
b) Do you want to keep it in your name just incase your sweet and inocent child turns into a rebal and wastes the money you have saved for them?

cloud_dog

lkmc01 wrote: »

For those with child who save any amount of money for them and have a child trust fund.

From the money you save for your child/ren. Do you put all of it into their trust fund for them for when they are 18 years old?

Do you not put any into the trust fund and use other accounts instead? If so, which type of accounts? Childrens regular savings? Adult accounts in your name, but really the money is theres?

Or do you use both saving accounts and their trust fund? If you do, what percentage of the money you save for them do you put into their trust fund and what percentage do you therefore put into savings accounts? Are you filling the £1200 into their trust fund first and then looking for savings accounts elsewhere?

What type of trust fund account do you have and with whom do you have them.

I'm asking this as I want to find out if people are putting all their money they are saving for their children into the trust fund. So really how much do people trust there account? I know its a guess in the dark though.

Or maybe the best thing to do is save in a savings account and add the money into the trust fund on a yearly basis when you think your going to get money units for your money.

Or are you using savings accounts for them as you don't want the money locked away until they are 18 years old -

a) Do you want to keep it available just incase you need to borrow it yourself?
b) Do you want to keep it in your name just incase your sweet and inocent child turns into a rebal and wastes the money you have saved for them?

You may want to think more in terms of the reasons for the savings/investments, i.e. long/short term, university fee's, helping hand, etc. for example:

Child Trust Fund
Child will have all the money at 18.
* Do you have concerns on how the child may use the money?
* Do you want to continue to contribute to it?

We have invested our childs CTF and have added a lump sum, and do not intend to add more to it.

Savings Accounts
For what purpose???

Our child has a savings account which we deposit money in to (periodically) and are not expecting this to have a particularly large value. The idea will be for her to take responsibility for her savings / spending at some point in the future (age 7 seems as good as any).

Longer Term - would this be for you to 'manage', i.e. pay for uni fee's, help buy a car, house, wedding, etc, etc, i.e. all those things the child may not want to spend money on but you know you are likely to at some point.

Not sure if this has really helped you or not. I think it comes down to 'are you comfortable with your child taking responsibility for their finances (money) and to use it for the purpose it was originally intended'?

We are not / will not allocate monies to our child which we may want/need to draw on, if its allocated to them (in whatever sense) then in our eye's it is theirs, or for us to use to help tem.

cloud_dog