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Maturing child trust fund

Jcotsen
Posts: 4 Newbie

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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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.0
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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.1
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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.0
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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 you0
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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 youShe 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.0
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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 you4
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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
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