child trust funds? I have 2 children, when I had my first son I opened up a savings account at the halifax then I recieved the governments £250 cheque and opened up a trust fund account with the halifax then baby no 2 came along and I did the same, so they each have an account I set up and an account with the £250 cheque in. speaking to family last night they have told me I shouldn't have opened a trustfund account with the halifax because it is an ISA and theres a chance my kids will lose all their money. now they tell me!
Q1 are they right?
Q2 can I swap their money to another trustfund account with another bank?
Q3 when they recieve their next cheque from the government can I put that in a different account at a different bank?
please help I feel like I've messed it all up for my kids