Age 7 government child trust fund payments not being released!!!

catmandomoney

mmillie wrote: »

The big question for me is will we be able to move the money out of the CTF? Performance of CTF accounts is poor because the providers know you are locked in to a particular type of investment vehicle which has limited competition. With no new cash coming in, the incentive to be competitive will all but disappear, and we can look forward to years of below standard accounts unless the whole scheme is wound up and we can invest the money as we see fit.

In the little I've read so far it looks as though, you will still have to wait until the child's 18th birthday to do anything with it. I can no longer see the point in topping up each month as you rightly say these interest rates will no longer be competitive.

poppy10_2

mmillie wrote: »

With no new cash coming in, the incentive to be competitive will all but disappear,

You can still put your own cash in. The only change is that the government won't be contributing.

LindseyandMatthew

I agree with this also, my son was too old for a trust fund but my daughter received it. We save for our son and daughter ourselves though. I think it was a bad idea really our country is in enough debt to start with.

mitchaa

JPS29 wrote: »

Good old Tories.

Smacks of Thatcherism. She was the milk snatcher and this lot are now removing CTF's. We're in for a great 5 years...........

This was a lib dem policy.

The Tories wanted to reduce it, not axe it.

4th paragraph...

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=505079&in_page_id=7&ct=5

ClareEmily

I do understand why they have done this, and I will be putting savings aside for my baby anyway.

Sod's law though tried for 6 years to get pregnant, and one month before my baby is born amount is cut from £500 to £50, hey ho.

Indie_Kid

ClareEmily wrote: »

I do understand why they have done this, and I will be putting savings aside for my baby anyway.

Sod's law though tried for 6 years to get pregnant, and one month before my baby is born amount is cut from £500 to £50, hey ho.

£500 is for those on a low income.

ClareEmily

Anyone know if they are cutting the £190 at 25 weeks yet?

mitchaa

I agree, it's about time.

I am a father of a 2yr old boy so not biased in anyway shape or form. I believe it is an unnecessary waste of tax payers cash and so be it, my son will not receive a further £250 on his 7th birthday. Woopty do.

The £190 healthy eating grant and the £500 surestart maternity grant are equally as wasteful. These should soon be scrapped too. Nice to have I suppose but completely unnecessary.

ClareEmily

sh1305 wrote: »

£500 is for those on a low income.

Whoops that's not quite so bad then

shegirl

ClareEmily wrote: »

Anyone know if they are cutting the £190 at 25 weeks yet?

No offence to anyone pregnant,but with any luck it will be the next waste to go!