Kids savings

melly1980

cheers guys, I will have a look at that. I thought they were fixed date ones where they mature and if you've lost you have lost.

OK then, I presume that I can transfer the current non S+S CTF into a S+S one?

Secondly, to complicate matters my oldest child dint get a child trust fund, he got an account that was before them (born in 2000). any ideas what this is likely to be and what may be best to do with this cash? Can he get a junior isa? etc etc

cheers once again for the help.

atush

Yes, I think he can have a junior isa if you child is under 16 and didn't qualify for CTFs. What to invest in is another matter.

If you want the money when he is 18, you only have 6 years or so so is on the cusp of S&S investing. If it will be initally accessed in 6 yrs but will continue I would certainly put some of not all in equities and move some out into cash w/in the CTF during the time leading up to needing the money. A bit like the 'lifestyling' that pension providers will do.

melly1980

atush wrote: »

Yes, I think he can have a junior isa if you child is under 16 and didn't qualify for CTFs. What to invest in is another matter.

If you want the money when he is 18, you only have 6 years or so so is on the cusp of S&S investing. If it will be initally accessed in 6 yrs but will continue I would certainly put some of not all in equities and move some out into cash w/in the CTF during the time leading up to needing the money. A bit like the 'lifestyling' that pension providers will do.

I was thinking along the same lines with the S+S thing for him, maybe its too late.

Im half tempted at the moment to leave their accounts as is (I have 4 kids :eek:), dont pay anymore in and start a S+S based fund in my name for a total of £100 per month. When each child gets to the age that I wish to give it to them I take the relevant proportion out plus they have what is in their existing accounts.
Once I have this set up I can look at transferring the older lads current crappy account into a junior cash isa (without paying in a regular amount) and perhaps have a look if I can transfer the other 3 kids CTF's into better CTF's.

Hows that for a plan?

atush

I would do the transferring first, then the opening of other accts.