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child trust fund

pink-ka Avatar
6y, 11m agoPosted 6 years, 11 months ago
thought id post this for anyone thinking of opening a trust fund.

ive just opened a trust fund for my daughter with the voucher they send.
ive done it through childrens mutual and if you set up direct debit for £10 a month you get £30 mothercare vouchers and if you set up £30 or more a month you ger £40 mothercare vouchers, and then you can also register with the site for cashback on your shopping and the cashback gets paid into the trust fund which i thought was quite good.
pink-ka Avatar
6y, 11m agoPosted 6 years, 11 months ago
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#1
I have a problem with the trust funds in that your child gets the money at 16 and you have no say in it. They could be the biggest drug users in the area or anything. We set up savings accounts in their name that they cannot touch till they are 21 unless we authorise it. Apart from that you seem to have found a good deal if you like the funds but beware if it tracks the stock market as the money in them can be eaten away quite quickly if the markey goes down.
#2
martinhb
I have a problem with the trust funds in that your child gets the money at 16 and you have no say in it. They could be the biggest drug users in the area or anything. We set up savings accounts in their name that they cannot touch till they are 21 unless we authorise it. Apart from that you seem to have found a good deal if you like the funds but beware if it tracks the stock market as the money in them can be eaten away quite quickly if the markey goes down.


I too wouldn't invest in a trust fund due to reasons highlighted above. Would much rather go for a 'normal' bog standard savings account.. esp. as the unforseen future could bring a cash crises where for example if 'I' needed access to some money, the dosh in the savings account would be fully accessible. But only to 'dip' into it if it dire straits!
#3
our daughter is 4 soon and we got a trust fund, the middle risk investment and its lost money every year, after they have taken their yearly fee out. we have never put any money in, as invested in premium bonds for her, shes already won 4 years of interest, we put the winnngs bk into bonds
#4
Yeah ours has plumeted , i havent added any money tho we have a seperate savings account for that.
#5
dont bother paying into my biys CTFs either. lose money and other better investments out there. lets see what become of the £250 in 16 yrs time!
#6
can you put the check into a saving account? i thought you had to open a trust fund? i have opened a savings account aswel which i put money in everyweek aswel.
#7
deanos
Yeah ours has plumeted , i havent added any money tho we have a seperate savings account for that.


all my kids have lost out aswell as i pay into them all monthly
who are u with? i went with the asda one
#8
pink-ka - the CTF has to go into a proper trust fund account, it cannot be paid into a proper bank account.

edjaned - stop paying into it and get a nice high interest account for the kiddies

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