Child trust fund account help

artyboy

R200 said:

daveyjp said:

CTF started with a max annual contribution of just £1200. 

So you put about £21K in over 18years?
What did you choose to invest in?
do you know how much it is now?

Erm no, what daveyjp was saying was that originally the contribution limit was £1200 per year.

I'm sure someone with more time/interest than me can do the calculations of max contribution and typical compound interest over 18 years - JISA rates weren't bad relative to adult savings - my guess is that £130k or so isn't far off the mark.

kaMelo

CTF limits were only ever £1200 per year, started in 2005
JISA limits were £3600 in 2011/12 rising to £4260 in 2018/19 and £9000 2020 - present.
Original Government payment was £250 and another £250 when seven years old. (Both doubled if you qualified as from a low income family)

 Assuming 2019/20 JISA limit was £9000 (I can't seem to find it anywhere) I work out the maximum to be invested as £85,628.

eskbanker

kaMelo said:

CTF limits were only ever £1200 per year, started in 2005
JISA limits were £3600 in 2011/12 rising to £4260 in 2018/19 and £9000 2020 - present.
Original Government payment was £250 and another £250 when seven years old. (Both doubled if you qualified as from a low income family)

Assuming 2019/20 JISA limit was £9000 (I can't seem to find it anywhere) I work out the maximum to be invested as £85,628.

2019/20 was £4,368:

https://www.gov.uk/government/publications/increasing-the-junior-individual-savings-account-subscription-limit-for-2019-to-2020/increasing-the-junior-individual-savings-account-subscription-limit-for-2019-to-2020

kaMelo

Thanks @eskbanker.

Revised figure using the correct amount for 19-20 is £80,996.