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verytalldave
MB Enthusiast
I would have thought some of the "comparison" websites like gocompare or moneysupermarket would deal with this.
djflip
Member
when i done mine for my son i done it through the bank i use, simply because the intrest rates are much alike, now there rock bottom.
i think you can change the account to a different bank if the rates rise again.
i think you can change the account to a different bank if the rates rise again.
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/DG_10018527
You might find this website useful. We took the money and set up CTF account - but we won't put a penny into it other than the money from the government.
The money becomes available to the child at age 18. We didn't want that, we wanted control over how the money was used and what age it became available - so we opened a stocks and shares ISA too.
You might find this website useful. We took the money and set up CTF account - but we won't put a penny into it other than the money from the government.
The money becomes available to the child at age 18. We didn't want that, we wanted control over how the money was used and what age it became available - so we opened a stocks and shares ISA too.
We have the govermnent one as above, I think its starts with £250 and then you can choose what if any to put in. We only put £20 a month in, as like above we have no control over this money once our daughter is 18.
For that reason we have set up a couple more, one with Barclays and another with the Halifax and we have access to these when ever WE want.
She's only 2 and has already a nice little pot of money. I will end up borrowing from her !!!
For that reason we have set up a couple more, one with Barclays and another with the Halifax and we have access to these when ever WE want.
She's only 2 and has already a nice little pot of money. I will end up borrowing from her !!!
crockers
MB Enthusiast
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Not wishing to be the harbinger of gloom - but have you thought through the consequences of giving your children money when they are 18 and YOU have no say in it at all......
Just think what the consequences might be if they are drug addicts or similar - you CAN'T stop them having the money - so in effect you may be doing them more harm...
Obviously the Governments money must go in a Childs Trust - but if you want to save money for your children - it may be more advisable to save if in YOUR own name and give it to them - when they need it - and giving you the control.
Not wishing to be rude - and I am sure all our children are saints.......but I am sure there are many parents whose kids are off the rails - who never thought they would be when they were born.
Just a thought - no insults meant to anyone...
Just think what the consequences might be if they are drug addicts or similar - you CAN'T stop them having the money - so in effect you may be doing them more harm...
Obviously the Governments money must go in a Childs Trust - but if you want to save money for your children - it may be more advisable to save if in YOUR own name and give it to them - when they need it - and giving you the control.
Not wishing to be rude - and I am sure all our children are saints.......but I am sure there are many parents whose kids are off the rails - who never thought they would be when they were born.
Just a thought - no insults meant to anyone...
Your correct,
Hence we split 2 accounts for us to use and one for her. I just hope form the gorgeous little fun loving two year old I play with now she doesn't get in with the wrong crowd.
Recently we haver considered moving to the country and self schooling.....
Especially after watching that program where the 9 to 12 year olds were left alone with out adult supervison..aaarrgghh
Hence we split 2 accounts for us to use and one for her. I just hope form the gorgeous little fun loving two year old I play with now she doesn't get in with the wrong crowd.
Recently we haver considered moving to the country and self schooling.....
Especially after watching that program where the 9 to 12 year olds were left alone with out adult supervison..aaarrgghh
Spinal
MB Enthusiast
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Crockers: strange you should mention that, when I was 14 my parents decided to buy a house (in Italy) and put it in my name as a "for the future" thing. In Italy, a minor cannot control property, so in essence it would remain my parents until I had turned 18.
A judge (who needs to sign off these things) decided it was not acceptable - for the precise reason you mentioned!
My mother (being Italian and warm blooded) made a mess, appealed and (if I remember well) said something on the lines of "if my son is a drug-addict when he's 18, I will have larger things to worry about than a house".
In the end, the house was put in my name... but I do see the reasoning behind it!
M.
A judge (who needs to sign off these things) decided it was not acceptable - for the precise reason you mentioned!
My mother (being Italian and warm blooded) made a mess, appealed and (if I remember well) said something on the lines of "if my son is a drug-addict when he's 18, I will have larger things to worry about than a house".
In the end, the house was put in my name... but I do see the reasoning behind it!
M.
verytalldave
MB Enthusiast
Of my 3 kids, only one would not have frittered it all away within weeks. 2 actually did dispose of inheritances quickly despite pleading and begging.
They both deeply regret it now, but whats done is done.
Personally, I would not give unrestrained access to monies until they are over 21 years. Maybe even 25.
They both deeply regret it now, but whats done is done.
Personally, I would not give unrestrained access to monies until they are over 21 years. Maybe even 25.
