Hi Ladies,

I have had a letter today to say Noahs CTF has been automatically set up with the £250 in it, obviously they cant touch the money until they are 18. I put £25 a month in Noah's saving anyway out of the Child benefit.

Shall i start putting the £25 away in the CTF instead.

Does anyone save with these?


Thank You


Char

i do both. The problem with the ctf is that its their money at 18, so if they're irresponsible at that age you have no say in what they do with it. I put a little bit into that, then more into a trustee account that I can decide when they use it, she also has some premium bonds bought with her christening money x

We used to put £10 a month in for Immi but stopped as we decided to put it in another savings account that we could have access tof , so if in the future she wants to do expensive school trips and things like that then she has the option to use a bit of those savings. I want to teach her about sensible saving and not expecting us to just give her money, so hopefully having an account she will have partial access to will help. We'll also do this for Josh (this has reminded me to get it sorted!) and we're going to have to sort something out as he doesn't have a ctf cause he was born after they stopped doing it.

I might put £15 away a month in CTF and £15 and all his b day money etc in the account i have for him

Thanks

Ladies

Char

Sorry to hijack this thread but can you stop paying money into a CTF cos I thought you couldn't or does it depend on what bank you open it with. I would rather pay into an account for when he's older but I can't afford to do both! x

Nope, I dont add to their CTC. Mainly because when they get full access to it when they are 18, and from experience its too young to be given a large amount of money.

I put £10 in each of their normal bank accounts each month, and my mum does the same. Any extra money, such as birthdays, etc. goes into their normal accounts.

When they are a little older, I will probably remove most of this money and put it into an account in my name so that they cant blow it. I will leave them with a nominal amount so that they can spend as they wish.

The rest that I have moved will be for something big, eg. car, house deposit, etc.

x