Been advised to put CTF into ING Bank. what do you think?

edmond

i have been advised to put my CTF into a bank or buliding society
ING Bank has been Suggested

5% gross interest
No risk
Instant access
No minimum
No maximum
Phone and internet banking facility

what do you think?

BigDunc

What does CTF stand for?

Kazza242

BigDunc wrote:

What does CTF stand for?

Child Trust Fund

lipidicman

Child Trust Fund - you need to explain this in a general forum.

Can you just put it in any savings account - or does it have to be a CTF special?

surfcat

I thought the whole point that these for for savings in the child's name, ie not just an ING account in your name?

BigDunc

The official CTF site http://www.childtrustfund.gov.uk appears to show that it does have to be specifically a CTF account, presumably to stop unscrupulous parents from spending junior's cash before he/she turns 18. There is an article already on this site here http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1108986373,87407, about deciding where to invest. It also has a list of best investments, whether deposit-based or stocks and shares based.

Kazza242

edmond wrote:

i have been advised to put my CTF into a bank or buliding society
ING Bank has been Suggested

what do you think?

Who has advised you to choose an ING Direct deposit account? Cash accounts are an option to consider, but there are so many more options available. You must make the decision very carefully, as the decisions you make now could greatly affect the return your child receives when he/she turns 18.

I would recommend that you do some thorough research on this before making a final decision. The personal finance sections of many newspapers are featuring articles on the various CTF options available to parents. You can do a search for such articles online as many newspapers have online editions available.

The Times newspaper.

The Telegraph. If you type 'CTF' into the search bar (at the top of the web page) and click on 'Go' a number of useful articles are listed.

davidjwest

I didn't know ING offered a Child Trust Fund - if they do someone please let me know so I can update my website!

The best rates available were 6% but they included bonuses for opening the accounts before the start of this tax year so not much good now.

Actually, Britannia are still offering 6% if you apply before next year.

You should consider opening a stocks/shares type account as that might be a better long term option, then again it might not!

Good luck!

edmond

A F/A told me about it.

davidjwest

I can't see any mention of an ING CTF, nothing on their website about it as far as I can see.

Spendless

edmond wrote:

i have been advised to put my CTF into a bank or buliding society
ING Bank has been Suggested



Instant access

what do you think?

Once money has been put into a CTF it cannot be taken out (with the exceptions of if a child is diagnosed terminally ill or dies when the money reverts back to the parents). It is your childs to spend as they wish once they reach 18. You have no say or control over how it is spent.