Top Child Trust Funds Article Discussion Area

vman

Can anybody suggest a good source for child trust investments options? (i.e. not just boring bank accounts with a bit of interest). I want to encourage my daughter to think about the difference between investing and saving and act on it. Thanks.

framauro

Has anyone had any luck tracing a CTF account? I did not use the voucher in time so I expect UK gov would have deposited the money with a random provider.

However, since Jan 2012 expiry date of the voucher I have not received any statement from any provider, so I don't even know if an account actually exists.

The HMRC CTF helpline is now shut down and they also no longer appear to answer any CTF email enquiries. So that line of inquiry is dead. Wonderful.

I found an old MSE thread from 2008 about tracing CTF's, last reply 27-04-2008, 4:57 PM. That thread is now closed.

Any ideas? Am I really going to have to contact ALL possible providers? :mad:

copperheadjack

So I'm not really up on all this so some help would be really appreciated.
I received my d's statement today and on the notes part it tells me that they are charging an annual management fee of 1.5% of the value of the shares held in fund which will be calculated daily and deducted from the income of the fund on a daily basis.
Is that a good thing or a bad thing?

Now on my statement I have 2 figures which I gather the is the shares from the original money that was from the government and the second figure that I think is the money I pay in each month?
But on the final figure for transaction from last year to this year the total number of shares held is the same.
Do they not take into account the money you have paid in the last 12 months as I would of thought the share would of gone up.

any help with all this would be fantastic

aniceman

Has any tried to claiming for miss selling of a child trust fund.

A FLAWED PRODUCT
When child trust funds were launched, savers were promised that when children reached 18 they would be able to put their savings into an adult ISA. However, the rules allowing this were never drawn up. It means that savers will have to cash in their tax-free accounts when they hit 18.

StevieJ

My sister opened a cash CTF at the Yorkshire building society, I mentioned a while ago that it would be better in the shares based option for a child at such a young age. Initially the Yorkshire said it was a bad idea and put her off, they are are now saying she cannot change it to the shares based one but people can change the shares one into a cash CTF. Doesn't make sense to me but does anyone know of a bank that allows fund to be transferred over to a share based CTF? Grateful for any replies.

PinkButterfly_2

Hi there, I am not sure if this is the right place to post this. But I can afford at the moment to put aside my LO's child benefit and also her cash gifts. I have been currently putting it away in the Nationwide Junior ISA which does not seem to give a bad rate. However, I am weary of the risk that my child may turn on me once they turn 18 (!) and not use their money to the best of use. Also when updating the passbook, I realised this money is actually the LO's and I am not even entitled to close the account. I did initially think I should close the account and invest the money to get a better return/rate. Any advice? I was thinking, as I cannot close the account, to start transferring the monies to another type of savings/shares account. What do you all do? Many thanks!

spaceboy

Can I close a CTF for a 3 year old and open a Junior Cash ISA for them instead?

6feet

spaceboy wrote: »

Can I close a CTF for a 3 year old and open a Junior Cash ISA for them instead?

No you can't, you are unfairly trapped like the rest of us with older children :eek:

Reaper

StevieJ wrote: »

My sister opened a cash CTF at the Yorkshire building society, I mentioned a while ago that it would be better in the shares based option for a child at such a young age. Initially the Yorkshire said it was a bad idea and put her off, they are are now saying she cannot change it to the shares based one but people can change the shares one into a cash CTF. Doesn't make sense to me but does anyone know of a bank that allows fund to be transferred over to a share based CTF? Grateful for any replies.

They are talking rubbish. Yorkshire use Family Investments for the shares based CTF. If Yorkshire are being unhelpful just go direct to Family and ask them to arrange the transfer:
http://www.familyinvestments.co.uk/child-trust-fund/overview

There are other providers you can choose to switch too, though a shrinking pool. Note the government is currently contemplating allowing switches from CTFs to Junior ISAs which would give you more choice.

Reaper

PinkButterfly wrote: »

However, I am weary of the risk that my child may turn on me once they turn 18 (!) and not use their money to the best of use... What do you all do? Many thanks!

I have a mixture of investments for my son ranging from a CTF (which he can blow at 18 if I have failed to teach him financial responsibility by then) to a child pension (which should be pretty safe!). If it worries you and you have not used up your own ISA entitlement then why not just put the money in there and gift it to them in the future when you feel they are ready?