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Why? Its money they've never had and if the investments perform only reasonably well they will end up with much, much more than a savings account.Madspice69 wrote: »I have got shares of my own, but daren't take the risk with my kids future financial funds.
So, if you think a recension is on the horizon transfer it from a S&S CTF to a cash based one; you can transfer as often as you like, and from Stakeholder to cash and vice versa.Madspice69 wrote: »If we hit another recession when the kids can cash in their trust funds their value will be alot less than we paid in, if we were better off financially I would take a chance, but we aren't!
In real terms money in a savings account is likely to have less purchasing power in 15 - 18 years time.
I wouldn't avocate anyone going down the investment route if they are not comfortable with it but people tend to forget about this thing called inflation, which actually reduces the purchasing power of savings.
Also, at this precise point in time May 2009 I wouldn't advise anyone to make lump sum investments; start of the year would have fine but most things have had a significant run up recently and its only fair for then to have a bit of a pull-back.
Comment on the people who have invested and who now see balances less than the invested total............. Again, you need to do what you feel comfortable with but........buying high, selling low is the worst mistake you can make. Just as a comment, when all the worst crunch was happening mid/late last year I started monthly investing so as to buy low, hopefully I will be selling high in a number of years time.
And just for reference my daughters Stakeholder CFT has more than doubled now in just over 4 years.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
So, if you think a recension is on the horizon transfer it from a S&S CTF to a cash based one; you can transfer as often as you like, and from Stakeholder to cash and vice versa.
The Children's Mutual don't do a cash based trust fund and said that I wouldn't be able to transfer it to another provider...0 -
Hello can anyone help?
I set up a baby bond for my daughter 6years ago and it's grown very little,charges seem high too. NOW I have a voucher for my son and Im not sure what to do with it? is there any "best" bets? I just want something clear and simple
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To be honest, I do not beleive you cannot transfer out from Childrens Mutual; you wont be able to take money out until the child is 18 but that is a completely different situation.Madspice69 wrote: »The Children's Mutual don't do a cash based trust fund and said that I wouldn't be able to transfer it to another provider...
I think you'll find they may have given you misleading information or perhaps you misunderstood. Or perhaps if you opened the account which provided you with a 'bribe', ie. £20 in Mothercare vouchers ther *might* be a lock in period but other than that, you can transfer it to any other CTF provider, savings or stakeholder (S&S).
They readilly accept transfers in from other providers: http://www.thechildrensmutual.co.uk/child-trust-funds/transfer-a-ctf-to-us.aspx but obviously do not advertise the fact that you can transfer out.
All you need to do if you want to transfer is find a new CTF provider and open account with them completing *their* transfer in forms.
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
If you just want a cash based savings account the have alook at the below post and follow the link:Hello can anyone help?
I set up a baby bond for my daughter 6years ago and it's grown very little,charges seem high too. NOW I have a voucher for my son and Im not sure what to do with it? is there any "best" bets? I just want something clear and simple
http://forums.moneysavingexpert.com/showpost.html?p=13120067&postcount=437
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
To be honest, I do not beleive you cannot transfer out from Childrens Mutual; you wont be able to take money out until the child is 18 but that is a completely different situation.
I think you'll find they may have given you misleading information or perhaps you misunderstood. Or perhaps if you opened the account which provided you with a 'bribe', ie. £20 in Mothercare vouchers ther *might* be a lock in period but other than that, you can transfer it to any other CTF provider, savings or stakeholder (S&S).
cloud_dog
I'll check into it again then! When I spoke to them I could cancel my payments into the CTF, but not transfer it to another fund. I was quite clear with them on the phone what I wanted to do. I didn't get any special offers when we set up the trust funds, so they couldn't have locked me in. I don't mind just leaving the funds there though till the kids cash them in, I just don't want to put in any more. Thanks for your advice. :beer:0 -
Madspice, I'm think this is the key phrase into another fund, it is likely that thei Childrens Mutual only have one fund for their CTF investments and yes, it is unlikely you could transfer or move the investment in to a different Childrens Mutual fund.Madspice69 wrote: ».... When I spoke to them I could cancel my payments into the CTF, but not transfer it to another fund.
This is not the same as transferring to a differnt CTF provider, and as you say is worth clarifying with CM. I sure you can transfer it to another provider.
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
I have opened an online account with ethical family investment fund. I have time to cancel.
I just wondered if that was a good option. Is it very risky. I know nothing about this type of account.
If I open a savings account I know the money wont be worth the same in 18 years time!
If I am not happy with the investment account over the years would it be possible to change it to a savings account please or would it have to be another investment account?If you find something irritating in my post or that you disagree with,then please don't jump on me ,just please ignore my post.I have come to the site for useful information and not to argue. thanks.0 -
Why?I have opened an online account with ethical family investment fund. I have time to cancel.
It is difficult for anyone to give you an opinion if the investment decision you have made is a good one or not. If you're not comfortable with your decision then move it somewhere else.I just wondered if that was a good option. Is it very risky. I know nothing about this type of account.
As far as I am aware there are no restrictions on transferring your CTF from one provider to another (BS to S&S or vice versa).If I am not happy with the investment account over the years would it be possible to change it to a savings account please or would it have to be another investment account?Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Because its ethical-that's why.If you find something irritating in my post or that you disagree with,then please don't jump on me ,just please ignore my post.I have come to the site for useful information and not to argue. thanks.0
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