Ancient Order of Foresters Friendly Society Ltd Child Trust Fund Reviews
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Good Points: Guaranteed to get back at least what you put in,
Great marketing - free teddies, birthday cards and present when they are 18
Bad Points: Not a stakeholder account, so government guidelines doesn't apply
Invests in property not shares
Minimum lump sum contribution of £100
General comments: I searched the internet looking at all the Child Trust Fund Stakeholder providers. Many of them were the same, as the government guidelines seem very specific and the companies are regurgitating those guidelines in their blurb. The "TeddyTrust" from Foresters, however, did look different. They have obviously thought very hard about their package and are offering many incentives, both financial and practical. For example, upon request of an info pack you receive a small teddy in the well packaged box. Once an account has been opened your child receives a large boxed teddy, with certification, which if still around when the child is 18 they will receive a further present. The child will also be sent a birthday card each year until their 18th birthday. Financially the money is secure, as you are guaranteed to get back at least what you have put in. Along with many other financial incentives, this deal sounded great and I was well and truly hooked.
However, when I looked a bit further at the pack I realised that this wasn't a stakeholder account. The primary investment is in property and not shares. So whilst the money is still bound to grow, the account will not be subjected to the strict regulations that the government have detailed. For example, the government states that the management charges do not exceed 1.5%. So whilst the TeddyTrust charges are currently at 1.5% this could increase in the future, which I am sure it will! Also the minimum lump sum contribution that could be made is £100, which is quite a lot when other providers offer a minimum of £10.
So I have been put off by this account. I am sure that anyone investing in this account will still do well. However I did find the information slightly misleading at the beginning, as it took me a while to cotton onto the fact that it is not a stakeholder account. If they provided a stakeholder account then I would still be very interested, as this company seems to have put much more thought into what they are providing. But as it is at present I have to continue with my search for the best stakeholder going. Although to be honest all the others are looking like they all came out of the same production line, offering pretty much the same features.
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Child Trust Fund - Home
Child Trust Fund (CTF) is a savings and investment account for children. Children born on or after 1 September 2002 will receive a £250 voucher to start their account.
www. childtrustfund .gov.uk -
FT.com / Personal Finance - Parents will be able to roll Child Trust
?Rolling Child Trust Funds into Isas is something we?ve been suggesting for some time now. It will create a huge incentive for people to carry on saving beyond 18.?
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Factsheet: Child trust funds | Money | guardian.co.uk
All children born on or after September 1 2002 receive money from the government that is put into an account and to which they can only gain access when they turn 18 ? a child trust fund (CTF).
www.guardian.co.uk -
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Child Trust Fund | The Children's Mutual ? Home of the Child Trust
Home of the Child Trust Fund. Currently the choice of 1 in 4 parents for their Child Trust Fund. Receive up to £40 vouchers when you apply online. ... Top-up a Child Trust Fund
www. thechildrensmutual .co.uk -
HM Revenue & Customs: Child Trust Fund Statistics
The Child Trust Fund (CTF) accounts are opened with the voucher from the government.
www.hmrc.gov.uk -
BBC NEWS | Business | Q&A: Choosing a Child Trust Fund
However, stakeholder Child Trust Funds should be "lifestyled". This means the account should be invested in less risky investments, such as bonds and cash, once the child reaches 13.
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