CTF discussion area

JimmyTheWig

drjunk wrote: »

Only thing is, is that the site says the plan cannot be set up without life cover.

Not saying whether this is good or bad (I don't know!), but I believe the life cover is part of the policy - it's not something extra that you have to put in place.

drjunk

JimmyTheWig wrote: »

Not saying whether this is good or bad (I don't know!), but I believe the life cover is part of the policy - it's not something extra that you have to put in place.

Ohh...i see. Well i suppose thats a good thing. Its just that i wasnt wanting part of the £40 a month going into anything else but the fund. £40 per/m is the maximum i can afford to put towards it. Thanks anyway jimmy.

JimmyTheWig

Incidentally, a Friendly Society policy has a maximum of £25 a month. And that's a limit across all Friendly Societies - you wouldn't be able to do £25 a month with one and £15 a month with the other.

So you could do £25 a month into the Friendly policy and £15 cash into a regular savings account. The savings would then be available at 18 (or whatever age is the legal limit), but at least most of it would be tucked away until 21.

Unless anyone else has better ideas. I'm no expert...

drjunk

JimmyTheWig wrote: »

Incidentally, a Friendly Society policy has a maximum of £25 a month. And that's a limit across all Friendly Societies - you wouldn't be able to do £25 a month with one and £15 a month with the other.

So you could do £25 a month into the Friendly policy and £15 cash into a regular savings account. The savings would then be available at 18 (or whatever age is the legal limit), but at least most of it would be tucked away until 21.

Unless anyone else has better ideas. I'm no expert...

I never thought of splitting up the £40 a month. Thats a good idea. Thanks again jimmy

NeilRG

Hi there, I hope you don’t mind me joining the conversation. I work for The Share Centre, a retail stockbroker and Child Trust Fund account provider and we have just launched an online petition, which I think may be of interest to you.

The Share Centre’s Fair Deal for Newborns campaign is putting pressure on the Government to raise the value of Child Trust Fund vouchers in line with inflation – so every child has an equal starting point for their investments. If you would like to see a fair deal for newborns, please sign our petition at www.share.com/fairdeal.
Neil

mgk

Hi
I have a second child and am considering opening a CTF with the same provider albeit a different mix of funds......does anyone know if the money is protected incase the provider experiences problems / goes bust.

Thanks

m0neymagnet

We received our voucher after we had applied for child benefit - the two were linked as far as I could tell. It was probably about 2 months/10 weeks after birth for the voucher and 6 weeks after birth when we requested child benefit (we were late as couldn't decide on a name )

Our son is now 3 months and we're still trying to choose on which stakeholder as best return versus costs... Anyone looked at variations on fees? Or know a comparison site - there's one for everything else?!

benwrigley

Hi There,

I have a strange request. My daughter does not live with me and I cannot get access to the details for the child trust fund that her mother has set up.

Does anyone know if it's allowed that I start up a second trust fund for her to take advantage of the higher interest rates? Obviously I have no voucher to start it off

Thanks for your help.

Ben

mgk

benwrigley wrote: »

Hi There,

I have a strange request. My daughter does not live with me and I cannot get access to the details for the child trust fund that her mother has set up.

Does anyone know if it's allowed that I start up a second trust fund for her to take advantage of the higher interest rates? Obviously I have no voucher to start it off

Thanks for your help.

Ben

Ben I am 99.9% sure you cant start an official second CTF - you do need the voucher to strat one. Hwever,many providers offer secondary scehmes with good interest rates etc for just your situation or for those that wish to save more than the CTF maximum. Foreign and Colonial certainly do this as I read about it during my recent application. One word of caution is that I do not know what the tax implications of these secondary schemes is - I would imagine there would be tax liable when the investment is cashed in.

JimmyTheWig

I'm pretty sure a child can only have one CTF account, sorry.