trustfund--- should I move it or leave it where it is?! - HotUKDeals
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trustfund--- should I move it or leave it where it is?!

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both my boys trustfunds have lost money, lost £10 since last statements ( but I have been paying £10 in each account each month!!!) so have lost alot more!! absolutely gutted!! they are now worth £10 … Read More
kirstyPM5L Avatar
8y, 5m agoPosted 8 years, 5 months ago
both my boys trustfunds have lost money, lost £10 since last statements ( but I have been paying £10 in each account each month!!!) so have lost alot more!! absolutely gutted!! they are now worth £10 lss than they were last year and I have been paying £20 a month for nothing!! question i have is do I leave it where it is (halifax) and hope it makes some money back or do I switch it to the savings account with no risk at the abbey? help!!!!
kirstyPM5L Avatar
8y, 5m agoPosted 8 years, 5 months ago
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1 Like #1
Try looking at [url]www.moneysavingexpert.com[/url] loads of info on there.
#2
Snap, am in the same boat.
#3
Best thing to do is speak to a financial adviser, the good one's won't charge for advise :thumbsup:
#4
thats why i havent added anything to either of ours...........we have seoparate accounts......wouldn't trust anything set up by this government!!
#5
Floravada
thats why i havent added anything to either of ours...........we have seoparate accounts......wouldn't trust anything set up by this government!!


ditto, dumped the 250 in bank never to be touched again, and set-up a Yorkshire Saving account, which we (parents) have control of.
#6
They are based on shares so everyone will be loosing money on them t the moment, the theory is that over the 18 years or so they will make money.

We didn't like the fact that the money automatically goes to the child when they turn 18, our little girl seems quite sensible at the moment but then she is only 2! I don't know what she'll be like when shes 18 so we put the £250 in but havn't added anything to it all of her money goes into a seperate account for her that we control unless something happens to us. - then she gets it anyway.

worto.
#7
hawghunk
Try looking at [url]www.moneysavingexpert.com[/url] loads of info on there.


thanks, just had a quick look on there and posted on there.

I've cancelled the direct debits to the trustfund accounts and reading what a couple of other people have said above I will set up direct debits to thier own savings accounts. I'll just leave the money in the trustfund and not add to it and hope it goes up!



now..... are all savings accounts the same?! my eldest has his own account with the halifax which has some savings in, do I set my youngest one up at the halifax too or is there anthing better out there which I could have for both my boys?
1 Like #8
whoever you set it up with make sure they set it up as a child account - they pay no tax on interest upto a certain amount.
#9
worto03
They are based on shares so everyone will be loosing money on them t the moment, the theory is that over the 18 years or so they will make money.

We didn't like the fact that the money automatically goes to the child when they turn 18, our little girl seems quite sensible at the moment but then she is only 2! I don't know what she'll be like when shes 18 so we put the £250 in but havn't added anything to it all of her money goes into a seperate account for her that we control unless something happens to us. - then she gets it anyway.

worto.


Yes we felt the same way - I personally can't understand anyone adding to a money fund that the child will at 18 get to do whatever they please with it... I was also concerned that the trust funds have a unique government reference number for each child making it easy to be tracked to see what they have in their accounts. Can't help but think that if there is a decent amount of money in there it will be held against the children when they reach university/job age.
#10
worto03
They are based on shares so everyone will be loosing money on them t the moment, the theory is that over the 18 years or so they will make money.

We didn't like the fact that the money automatically goes to the child when they turn 18, our little girl seems quite sensible at the moment but then she is only 2! I don't know what she'll be like when shes 18 so we put the £250 in but havn't added anything to it all of her money goes into a seperate account for her that we control unless something happens to us. - then she gets it anyway.

worto.


We do the same as you!

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