Have i made a mistake with my CTF?

needuradvice

hi guys,

i posted recently in the main Top child Trust fund thread, but unfortunately i got no response, so i went ahead and put the CTF in "self trade" to play about with shares, but now i realised that they charge not only £12.50 per deal, but also £40 per year!

Have i made a big mistake?

Is there a better company where i can use my CTF to deal in shares?


please do let me know ASAP, so that i can transfer these if needed.

dunstonh

Share trading is better with large amounts as the dealing costs can be higher than the gains with small amounts. Personally, I wouldnt have thought a CTF would be suitable for share dealing as its just £250

needuradvice

well i'm hoping to top-up whenever i can and also since its long-term i assumed share-dealing would be better, especially if it allows you to choose your own choice of shares.

1. My main problem is to find out if Selftrade are the cheapest/best for sharedealing or are there any other companies giving better offers?

2. Also am i right in saying that they charge £40 per year?

notbritishgas

needuradvice wrote: »

well i'm hoping to top-up whenever i can and also since its long-term i assumed share-dealing would be better, especially if it allows you to choose your own choice of shares.

1. My main problem is to find out if Selftrade are the cheapest/best for sharedealing or are there any other companies giving better offers?

2. Also am i right in saying that they charge £40 per year?

Yes they do!! It was introduced last year, applied in July, but they gave you a number of free trades in August (cannot remember how many but about £40 worth).
Also remember that they charge to take your shares out, either to transfer to another online broker or to get a paper certificate.
I think there are still plenty of brokers who do not charge an annual fee, I am sure plenty of people will come to recommend some.
This link may help:
https://forums.moneysavingexpert.com/discussion/1710569

needuradvice

thanks mate...i'd be grateful if someone could recommend a good broker for CTF share dealing.

I want to add that whilst i was waiting for a reply on this forum, i have just found the following info, whilst sifting through the selftrade website:-

"An annual Management Fee is payable per customer, covering all portfolios in the customer’s name
(No Management fee is payable by Child Trust Fund customers)"

I'm a little confused...so they don't charge annual fee??

notbritishgas

needuradvice wrote: »

thanks mate...i'd be grateful if someone could recommend a good broker for CTF share dealing.

I want to add that whilst i was waiting for a reply on this forum, i have just found the following info, whilst sifting through the selftrade website:-

"An annual Management Fee is payable per customer, covering all portfolios in the customer’s name
(No Management fee is payable by Child Trust Fund customers)"

I'm a little confused...so they don't charge annual fee??

Perhaps they make an exception for Child trust funds?? I wonder if that was a stipulation by the last government:( when they introduced CTF's?

cloud_dog

notbritishgas wrote: »

Yes they do!!

No, they don't! (I should know, we've got one). CTFs were exempt from the charges introduced last year.

Sugest you scoll down the page link below and look at the 'Pricing' section on the right:

"Management Fee

Self select CTF - no management fee. Stakeholder CTF - 1.5% maximum annual charge which includes all L&G UK Index Trust charges. Selftrade does not charge an account fee."

http://www.selftrade.co.uk/services/children/child-trust-fund.php

notbritishgas

cloud_dog wrote: »

No, they don't! (I should know, we've got one). CTFs were exempt from the charges introduced last year.

Sugest you scoll down the page link below and look at the 'Pricing' section on the right:

"Management Fee

Self select CTF - no management fee. Stakeholder CTF - 1.5% maximum annual charge which includes all L&G UK Index Trust charges. Selftrade does not charge an account fee."

http://www.selftrade.co.uk/services/children/child-trust-fund.php

I must admit my "yes they do" was aimed at a normal investment account with Selftrade, which I have to my cost!
Obviously they treat CTF's differently.

cloud_dog

needuradvice wrote: »

hi guys,

i posted recently in the main Top child Trust fund thread, but unfortunately i got no response, so i went ahead and put the CTF in "self trade" to play about with shares, but now i realised that they charge not only £12.50 per deal, but also £40 per year!

Have i made a big mistake?

Is there a better company where i can use my CTF to deal in shares?


please do let me know ASAP, so that i can transfer these if needed.

I think you'll find I've pretty much summed up SelfTrade charges and options in post 65 on the CTF board.

needuradvice

Thanks for clarifying that cloud_dog. Its good to know that at least their not charging the annual fee, but can you recommend any other company which is better than selftrade and allows you to trade in popular shares online?

needuradvice

can someone pls BAN this bennieL as he's spamming this this site with his with his crap...just chk out his previous posts!