Child Trust Funds (CTFs) have just celebrated their third birthday, allowing every child born after 1st September 2002 to receive £250 (or double that if the family is on a low income) from the government. Yet 25% of parents who have been issued with CTF vouchers leave them untouched.
Once the CTF voucher has been issued, parents have a year to open an account and invest their voucher as either cash or shares. Parents, grandparents, family and friends can also add up to £1,200 to the fund every year tax free, and once the child turns seven, the Government will put in another £250 or £500. The money can’t be touched until the account holder is 18, when the money can be used as the child wishes. The idea behind CTFs is that the investment will grow to give children a financial kick-start at the age of 18, all tax-free.
Since the introduction of the CTF, over 750,000 vouchers have been left to expire. The reluctance to invest in the CTFs could just be down to parents not knowing much about them. http://www.MyEggNest.com a free independent children’s saving website, recommends that parents should investigate and choose from the available CTF options as soon as possible to avoid any potential loss of interest or capital growth by allowing the voucher to expire. MyEggNest offers easily accessible online information comparing the best performing Child Trust Funds and children’s saving accounts. Comparison tables reveal how different funds have been performing over the past two years. This valuable information, coupled with a wide selection of Child Trust Fund reviews, makes MyEggNest an essential resource for every parent across the UK.
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- Free independent children’s saving website
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