Child trust fund help

iwanttosave_2

Hi, need some help as where to put my sons CTF voucher.

Basically I want the best place where I can put it in, and if I have a spare £20 here or there then I can add that with no obligations for more or less.

Any help is apreciated, I am one of those that has no clue about banks :doh: So I am here to learn

Thanks loads :kisses3:

ReportInvestor

If you want a cash account (not a share based investment that has the possibility of greater growth over time) then there is a clear winner in the market at the moment.

Yorkshire BS at 6% including 0.7% 12 month bonus.

Britannia BS pays 5.75% which includes a 1.25% bonus for 2 years.

Next best nationally is

Ipswich BS at 5.25%.

Nationwide BS pays 4.75% but that goes up to 5.75% if you add £240pa minimum.

iwanttosave_2

So out of the yorkshire and britannia would you go for? with the bonus I suppose the equal themselves out really?

Thanks for replying to the dunce

ReportInvestor

I would go for Yorkshire on the "bird in the hand" principle. You can always switch at the end of the first year anyway.

iwanttosave_2

Brilliant, we have a yorkshire bank in town. It is the yorkshire bank and not yorkshire building socity I want isnt it? They are right next to each other and will probably get the wrong one LOL And is it just called a cash account or is there a fancy name?

Thank you so much again, and in plain english

ReportInvestor

Yorkshire Building Society.

They have branches nationally but there's no problem doing it by post.

YBS branch and agency finder

I assume you know that any extra money invested has to stay their until your son is 18? What an age to get it! I'd have let them wait until 21 and the reality of student life had set in.

Anyway, good luck with your saving .

iwanttosave_2

Thanks, and I agree with the 21, I know I would have blown mine on stupid things at that age.