The £250 for new child account

Babs82

Hello,

The government used to do a £250 new bank account for new borns, but I can't find anything about this now. Is the government still doing a new bank account for newborns that includes £250. I realise it was a savings for when they are older but I wouldn't want to miss out on extra savings for my new born son.
If anyone has a link to more information, that would be really helpful. ?

Thanks,
Babs

le_loup

That was with a Labour government.
We now have Tories. They don't believe in such thing.

LuxuryWoman

You are thinking of the Child Trust Fund which was scrapped years ago.

xylophone

The Child Trust Fund (no longer available to new applicants), had a government contribution and bonus.

https://en.wikipedia.org/wiki/Child_Trust_Fund

You might wish to consider the Junior ISA for your child.

https://www.gov.uk/junior-individual-savings-accounts/overview

Robisere

I set up a CTF for my youngest grandcild, after setting up Junior ISA's for the other three. I had to turn the CTF into an ISA eventually, but that will be the last to mature as she is just 11. The others have now used their ISA's to open bank accounts and it is surprising how they have used the accounts. The one that I believed would save, actually blew most of the lot within 18 months and is now paying me back via S.O. for a loan to buy a car (at no interest). The eldest has taken an 'executive' flat, has a very good IT job and looks after it, is saving for a house deposit. The one I thought would be a spendthrift, is actually the best saver of all 3.

I used to impress upon them that they were all individuals, but I made no rules or conditions about the money we gave for the ISA, apart from "Use it to find a way to get to work, and for whatever you need to work." I guess they really are individuals!

ISA's work best over a long period IMO.

Ed-1

le_loup wrote: »

That was with a Labour government.
We now have Tories. They don't believe in such thing.

The Lifetime ISA has a Government contribution but is currently for 18-39 year olds. A junior version of this (perhaps with a smaller limit) with transfers into the adult version allowed at 18 would be my next move as a Treasury official/minister.