Non-government child trust fund

t1gger

Hi,

I have a child trust fund for my son but it has a £1,200 limit a year.

I want to lock away £10,000 for him in a lump sum asap. It must be locked away, that is the most important thing, the actual tax and interest on this is less important.

Do any of these products exist in the UK anywhere? All I get are hits for the government run CTFs.

The reason I need it to be locked away is that I am going through a divorce and my wife and I have agreed this lump sum can be dealt with outside of the settlement but only if it's legally locked to him.

Many thanks

P.S. our boy is 6, about to turn 7 incase that makes a difference

Cautious_Investor_3

Hi

If you are looking for deposit accounts there are a number that can be held in your son's name, hopefully this would satisfy your requirement of it legally being held in his name (although I guess that you or / and your wife would need to be a signatory on the account).

You can find details of deposit accounts that can be opened from children at a couple of best buy sites, Investment Sense (.co.uk) and Moneyfacts both would be helpful.

The Cautious Investor

Reaper

To be absolutely sure you can use a "Bare Trust" which means it is legally the child's money with you (or whoever) operating the account as Trustees.

If you are thinking of investments here are a couple of examples of companies which will set up the Trust for you at the same time as the investment.

Baille Gifford (I used them)
F&C (well respected and longest running of all investment companies)

t1gger

actually, an account requiring both of our signatures would be ideal.

Then the money could be used for his Uni, car, future payments for him, and he wouldn't get it all when he's 18.

Why didn't I think of that before.

dunstonh

Are you looking at investments or savings?

t1gger

Investment would be best as this is > 10years