Maturing child trust fund

Jcotsen

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. 

eskbanker

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

If will be paid to your daughter not you, so the best you can do is to provide some financial advice.

kipsterno1

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.

Jcotsen

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

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

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

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