Child trust fund. HELP!!!!?

Question

i need to sort out my childs trust fund i dont want 2 put it into a stakeholder accound, or anything to do with shares i just want a basic savings account that i can put in as much as i wish to. i want to bable to do it over the net as im unwell and unable to go out, please help me thanks!!!

Answer 1

You have three choices of account for your child's trust fund. One invests in a range of shares which the Government feels will be 'relatively' safe - at the age of thirteen, the fund gets transferred into even 'safer' share options (A 'Stakeholder' account). The second choice is virtually the same except that the transfer at thirteen doesn't happen (A 'Shares account [non-stakeholder]). The third option is purely an 'interest only' fund and does not invest the fund in shares (A 'Savings account [non-stakeholder]).

If you do not feel comfortable with investing in stocks and shares, then your best option is the third one - it may not make as much money for your child in the long run, but you have no risk to the child's fund.

Bear in mind that you HAVE to invest your voucher (and the one your child receives at age seven) in one of these accounts. THIS MONEY ALONG WITH ANY EXTRA YOU MAY ADD TO THIS ACCOUNT IS LOCKED UNTIL THE CHILD REACHES 18. It may be wise to have a separate savings account for your child that you CAN access if necessary in addition to your Child Trust Fund account.

Answer 2

Call Halifax...they are very good and their online banking is easy....they will send you the forms...you have to do it via forms at first,....you canot set it up on the net.