Baby savings plans

We (and a few thousand other parents), are about to be the happy owners of a £250.00 govenment baby savings voucher.
Does anyone know who/what/where to put the money for the best returns?
I'm sure Martin must be working on something as its had such a lot of media coverage recently.

Comments

  • Am glad you asked Girl friday. I am with Nationwide and despite the name and shame thread :o - - I like them We thought about openiong something for our son there, but am so unsure. :confused:


    Hope Martin is going to help?????? ;)
    I think therefore i am....not TOTALLY thick!!!
  • Spendless
    Spendless Posts: 24,108
    Name Dropper First Post First Anniversary
    Forumite
    my youngest also qualifies. martin did say he would do an article on subject at some point.the money is going whereever martin recommends.lol

    (spendless)
  • Pat__3
    Pat__3 Posts: 2,880 Forumite
    I've just read up on this, and they get another £250, when they are 7 years old. I think that brilliant for the youngun's.:)


    I get one of those letter's from Downing Street, everyday to get updates on stuff.;)
  • elona
    elona Posts: 11,806
    Combo Breaker First Post
    Forumite
    Martin mentioned some time ago that Halifax do a special 7% savings account over one year but I am not sure what the minimum amount is per month.
    "This site is addictive!"
    Wooligan 2 squares for smoky - 3 squares for HTA
    Preemie hats - 2.
  • Daedulus
    Daedulus Posts: 15 Forumite
    This is the Child Trust Fund.

    Martin did an introductory article : http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1102347561,2048,

    In addtion, the Government's website shows the providers and distributors in case you are looking for a name you know and trust.
    http://www.inlandrevenue.gov.uk/ctf/

    My question though is, is it worth it? Not the £250 (or the second lot at 7). But is it worth adding more of your own money? Yes it's tax free, but wouldn't an ISA be (to a certain amount)? And what's to stop my child spending it on something I don't approve of? (Yes, I understand I have the chance to educate them, but 18 year olds can be quite rebellious).

    Thanks for any help
  • Plasticman
    Plasticman Posts: 2,504
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    I agree Daedulus. It seems a bit optimistic to assume that most 18 year olds will spend it wisely! I know that this is intended to encourage parents to save for their children but I'm not convinced that it's the best way to do it.

    I hope that my kids have more sense at 18 than I did or it will all disappear into the till at the nearest pub!
    If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." -Thomas Jefferson 1802
  • Daedulus
    Daedulus Posts: 15 Forumite
    Our voucher for £277 came in the post today.

    (It's £277 not £250 because my daughter was born in December 2002 so I've already missed 2 years interest and the opportunity to put in £2,400.)

    Now I just have to decide where it will go - and then whether we (and kind grandparents and friends) will top it up.
  • Has Martin update this topic yet?

    My cheque is due any day now and unsure what is the nest thing to do.
  • Daedulus
    Daedulus Posts: 15 Forumite
    There is another thread on this over in 'savings and investment'. I'll try to put in a link here: http://forums.moneysavingexpert.com/showthread.html?t=14487

    The view there seems to be that Martin won't comment on stocks and shares as they involve risk (value can go down as well as up). So that just leaves the guaranteed cash svings where 6% (Britannia and Ipswich) seems the best being offered. But maybe Martin will investigate those in more depth?
  • Glad
    Glad Posts: 18,857
    Mortgage-free Glee! Name Dropper Photogenic First Post
    Senior Ambassador
    Martin mentioned this in this weeks tip as follows



    CHILD TRUST FUND VOUCHERS. Heads up. My in-box has been jammed with questions about this, so I wanted to let you know I'm currently researching the best. I'll publish in two weeks. Meanwhile [size=-1]read the basics[/size][size=-1][/size][size=-1][/size][size=-1] (no product details). [/size][size=-1][/size]
    [size=-1][/size][size=-1][/size][size=-1][/size][size=+0][size=-1][/size][/size][size=-1]
    [/size]
    I am a Senior Forum Ambassador and I support the Forum Team on the Wales, Small Biz MoneySaving, In My Home (includes DIY) MoneySaving, and Old style MoneySaving boards. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.4K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards