Maturing child trust fund

Hi, looking for some advice please. My daughter’s child trust fund is maturing in December and has a value of around £28,000. What shall I do with this money?! I want to put it in savings and not allow her access to it, so any advice on what to do with it, would be really appreciated. 

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  • eskbanker
    eskbanker Posts: 36,928 Forumite
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    Jcotsen said:
    Hi, looking for some advice please. My daughter’s child trust fund is maturing in December and has a value of around £28,000. What shall I do with this money?! I want to put it in savings and not allow her access to it, so any advice on what to do with it, would be really appreciated. 
    If her CTF is maturing, then that means that she's reached adulthood (as far as the law is concerned) and is therefore entitled to do what she likes with her own money, it's no longer up to you to decide on her behalf.
  • Keep_pedalling
    Keep_pedalling Posts: 20,427 Forumite
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    If will be paid to your daughter not you, so the best you can do is to provide some financial advice.
  • As above the money is your daughter's and should be paid to her. Before our daughter's CTF matured we took the chance to have a grown up chat about finances and planning for her future. The end result was opening a HTB ISA, a good savings account and (her choice) some premium bonds.
  • In understand that it will be paid to her and she is in agreement that it will go straight into savings. Just wanted some recommendations of where. Thank you 
  • LHW99
    LHW99 Posts: 5,151 Forumite
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    Jcotsen said:
    In understand that it will be paid to her and she is in agreement that it will go straight into savings. Just wanted some recommendations of where. Thank you 

    She could transfer part to a LISA if she is starting a job soon and maybe would need to use some for a car.
    If she will be student, maybe divide it into three or four parts, and keep one part in an easy access account, put one in a one-year building society fix, one in a 2 year fix etc, so she can use a proportion to top up her living expenses each year.
  • Keep_pedalling
    Keep_pedalling Posts: 20,427 Forumite
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    Jcotsen said:
    In understand that it will be paid to her and she is in agreement that it will go straight into savings. Just wanted some recommendations of where. Thank you 
    But that is not what you said in your opening post.
  • xylophone
    xylophone Posts: 45,578 Forumite
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    I want to put it in savings and not allow her access to it,

    As explained above, the money in the account is legally and beneficially your daughter's and only she will be able to access the maturing funds and control the existing and any future accounts she may open.

    She may wish to consider a LISA

    https://www.moneysavingexpert.com/savings/lifetime-isas/

    Other savings accounts here

    https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html


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