CTF discussion area

bunny_3

Hi,

I am looking for a good savings account for CTF voucher, however I am concerned that the rate could change, is there anyway of fixing amount ? Does anyone know of any good rates around, that are national, my local building societies are not offering much. Could an ISA's be used?

Anyhelp would be appreciated.

Thanks.

ReportInvestor

ISAs can only be opened when your child is 16.

I thought the building society cash rates were quite attractive. Most people have access to a Nationwide or Britannia branch.

The danger is that they may drop over time given that competition for the cash CTFs is thin on the ground.

isasmurf

JBsplit wrote:

iam totally confused......

I don't think you're the only one that's confused. According to new statistics released by HM Revenue and Customs yesterday, less than a third of parents have actually invested their voucher. That's a lot of kids missing out on stock market growth or interest.
http://money.guardian.co.uk/familyfinance/story/0,11674,1496902,00.html

It's a neat idea to get kids into the Savings culture, but the problem is the parents need educating first!

cloud_dog

JBsplit wrote:

iam totally confused......where is best to put my sons £250 hand out from the government. ive had sooooo many offers and things in the post im now stuck with where to invest it, i dont want a yearly fee and i need to be able to top it up monthly...please help before my waiting time expires.

I found the below website review quite useful as they identify good ones and ones to avoid. Also a panel of experts picks their choice; I think some of them have children to it really is putting your money where your mouth is.

Really you just need to decide if you are comfortable with the risk of investing in stocks and shares, or not.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=399208&in_page_id=7

cloud_dog

donerkebab

Superfast_Gran wrote:

Just a note for those interested in Ipswich BS CTF - apparently it is one of their accounts that they offer to ALL UK postcodes - info taken from their website just a few minutes ago!

Taken Martin's advice and plumped for the Ipswich BS CTF- so 6% instead of the voucher sitting on top of the cupboard collecting dust. Has anyone received their welcome pack/certificate back from Ipswich BS yet?

gcn504

I've recently opened a Nationwide CTF Cash savings account: the one offering the bonus 1% interest if an extra £120 is invested over the year.

I wrote to the Nationwide (online) asking whether this type of account had to have an R85 registered against it (ie: non tax payer). I got what looked like an answer which responded to the keyword R85 and didn't really answer the question.

So, with my other normal childrens accounts I had to fill out an R85 so they didn't pay tax on their interest. Do we have to do the same with this type of account: it seems odd to do so because a CTF has been validated by the government, ie: the issue of the voucher?

Any one know?

isasmurf

CTF accounts are automatically exempt from tax, so there is no need to fill out a R85 form.

ReportInvestor

E-Mail a question to the experts on radio 4.

BBC Radio 4 Moneybox

Radio 4 programme on the Child Trust Fund on Monday 20 June - Time 15.02

Update - Full transcript now on the above link

Wiggly_Worm

Please please can somebody point me to an ethical provider to bank my son's CTF voucher with? I have the official list of providers which came with the voucher, and have phoned about half so far. Only two actually knew what i was talking about when I asked if they had an ethical investment policy, but neither actually sent me one (just loads of glossy info about opening an account). Yorkshire Building Society hesitated and then said er, yes, of course we're an ethical investor (or something like!), but nothing was mentioned even in their small print.
I bank with Smile, and they are very proud to be 'ethical', and very clear about what 'ethical' means - I would expect other banks to be similarly transparent about such an issue, so am immediately skeptical when they have to hunt around or ask a superior if they fit this category.
The government promised an ethical choice for parents to invest with, where is it? I'm fed up with chasing around, does anyone know the answer? Am I really weird not wanting my children to profit from shares in arms companies?

And boo I missed the Moneybox programme! Kept thinking I ought to check the Radio 4 website or ask Moneybox, but forgot. Tch. Small kids addle your brains, that's my excuse

Wiggly_Worm

Thanks Reporter, next time I'll follow the links before writing a big old question! Read the Moneybox transcript and someone else asked about ethical investments, too. Phew, no more phoning round