child trust funds

[dave]

questions for people who have had babies after 2002 and get the £250 free thing
what you done with yours?

whats best thing to do with it?

 

[Focus Owner]

didn't have one but its guaranteed to be spent on a car or uni

 

[T14086]

we use kids savings as interest free loan(s) if and when we need it as you dont have to pay back the banks crippling interest rate and they make no money which is what the fasict pigs deserve after we had to bail them out of the sh*t yet they still give themselves big bonuses and make silly TV adverts about a bank radio station that gives you £5 a week (in return for £1000) big f*cking deal!

 

[ChrisUK]

I used my daughters one to open a "Child Trust Fund" at HSBC. I have no idea how the money is invested.

Opened account in Feb 07- Opening balance of £250

since then I've paid in about £100. In June 08 it was worth £139.. despite the additional deposits. Got a statement this month now its worth £267. So it must be invested on the stock market or summit.

Personally I'd put it in a different type of account now if I could do it all again.

Something that's guarantee'd to gain money even if only by a tiny amount.

 

[Focus Owner]

i used to get 5% in my bank account child's one
was getting about 50 quid on most bank statements i think it was quarterly

 

[angel]

We put Elliott's into an Asda one! Dunno what they do with it tho

 

[dave]

book say there 3 types

shares account (non-stakeholder)
no rules on how much they can charge for running the account
money can go up or down

shares account stakeholder
limited to max £1.50 per £100 in a year for running it,
they have to follow govenment rules to reduce risk, means they have to spread money over a range of investments.
still can go up or down ( but seems less risk to me?)

savings account (not stakeholder)
does not invest in shares, get back what you put in an a little intrest

 

[T14086]

oh are we talking about the thing the goverment gives you...i thought we were talking about personal trust funds?

 

[dave]

oh are we talking about the thing the goverment gives you...i thought we were talking about personal trust funds?

yeah free money, caiden got it