A 9yr old CTF

Anne19

Hi, we opened our CTF around 9 years ago with the Govt's £250, and have put £30/month into it ever since.

What do you think? Should we leave it where it is? Carry on paying this £30/month in? Leave it, but take our £30/month elsewhere starting from now? Remove it all, and cut our losses? Leave it for the next 10 years until our child is 18?

This is from a *totally* haven't-a-clue-about-financial-matters mum

atush

Well for a start- what losses? Is it in cash? Equities?

I would hoep equities, and I would think they have risen over the last 9 years (mine have).

But, the govt announced recently they may merge CTFs with Jisas and so that would give you more choice.

Luckystar

You need to find out if its a cash or equities CTF and what interest rate it's earning before deciding what to do. I don't think you'll be able to close it until the child is 18, that was the t&c's of CTF, the money can ONLY be withdrawn by the holder (child) when they reach 18 years. All you could do it stop paying any more into it if you decide it's not earning much interet, hope that helps

atush

You CAN transfer a CTF (rather than withdraw) if it isn/t where you like.