Child Savings and the govenment money thing

miss_corerupted

Hi I'm hoping someone can help me. I had my first born in dec and since then people have given me moeny for him i have £240 in cash and then the is the governemtn £250 thing (forgot what it's called) I don't really know what to do wit it tbh. Should i invest it all together or speratly and where?? I have tried reading the articles but i'm finding them very confusing at the moment

Ps. I will be able to afford £10 a month to add to it at the mo (hoping it will be more one day)

Thank in advance

Emma

wriggly

Look at the CTF discussion sticky thread at the top of this forum. There are pages and pages to read there about what to do with the £250.

Once money is added to a CTF, it is locked away until the child is 18. So, whatever you do with the CTF money, you might want to put the cash gifts into a children's account in a bank or building society.

Make sure you record who gave the money to your child, and avoid putting too much of your own money in the child's bank account. There are some tax issues on interest earned by a child on money given by the parents, but these do not apply to gifts from other people. See http://www.moneysavingexpert.com/savings/child-savings-tax-free

wriggly

And judging from your son's name, you may like to know that you get a red dragon moneybox when you open a children's account with Principality BS.

miss_corerupted

oooo cool. prinicpaliy it is then hehe