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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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 Posted: Sat Feb 05, 2005 2:52 pm Post subject: Child Trust Fund |
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The CTF is a new long-term savings and investment account for children. The Government will make payments to children through this account to help build up a useful stock of assets for when they reach the age of 18. The CTF accounts will help to strengthen the savings habit of future generations, spread the benefits of assets ownership to all, educate people in the need for savings and give young people a basic understanding of financial products.
The Chancellor announced his intention to introduce the Child Trust Fund (CTF) in the April 2003 Budget. The CTF is part of the Government’s strategy for saving and asset ownership.
CTF accounts will be available from April 2005 for eligible children born on or after 1 September 2002.
Key Points are -
Before April 2005, parents of 1.9 million children should receive a CTF voucher worth at least £250
Low-income families will get double that amount, £500.
Your child should receive another payment, as yet unspecified, on their seventh birthday
Parents, grandparents, friends and relatives can all contribute to the account, up to a maximum £1,200 a year, and all gains are free of income tax and capital gains tax.
Children can’t touch the money until age 18, and parents can’t touch it at all.
CTFs are run according to Government-set stakeholder guidelines, which means they can’t charge more than 1.5 per cent a year and you can contribute from just £10. |
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Fiona
Newbie
Joined: 06 Feb 2005
Posts: 12
Cash Points ££ 110.12
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| Posted: Thu Feb 10, 2005 6:05 am Post subject: |
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| How many child trust funds can I open per child ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Fri Feb 11, 2005 9:54 am Post subject: |
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Hi Fiona
The government will issue each child with one CTF voucher, so that means only 1 CTF can be opened per child. |
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Fiona
Newbie
Joined: 06 Feb 2005
Posts: 12
Cash Points ££ 110.12
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| Posted: Sun Feb 13, 2005 5:31 pm Post subject: |
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| When I get the CTF voucher, what type of account will it be and how will I open it ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Mon Feb 14, 2005 9:20 pm Post subject: |
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Julie99
Guest
Cash Points ££ 15.00
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| Posted: Mon Sep 05, 2005 2:43 pm Post subject: |
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I just made the first steps to opening William's child trust fund account with The Children's Mutual and they were fantastic. I found a link to this interactive brochure they have done
http://www.thechildrensmutual.co.uk/leaflet/ and then gave them a call - they were very helpful in helping me decide which account to choose - i would definately recommend them.. They are sending me an application pack which i fill in and then send that and the voucher back to them and its done! (easier written then getting round to actually filling it in and sending it off) but ive started the process! |
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Guest
Cash Points ££ 15.00
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| Posted: Wed Sep 07, 2005 4:05 am Post subject: |
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Ive not recieved our child trust stuff yet ? What do we do ? How do we chase it up ?
Thanks
Kate. |
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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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| Posted: Mon Sep 12, 2005 2:09 am Post subject: |
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Hi Kate
Get in touch with the child trust fund agency and they will send you another one. |
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