Advice on Child Savings

Discussion in 'General Chat' started by PaleRider1975, Jan 21, 2008.

  1. PaleRider1975

    PaleRider1975
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    I know there are plenty of parents on here so I'm hoping someone can point me in the right direction. Basically I'm currently paying £250 to my ex for my 7 month old daughter, I found out at the weekend that she is pregnant to her new fella who she's only been with for 6 weeks, when I found out I said I was going to cut the money I give her to £150 and put the remaining £100 into a savings account for my daughter as I didn't want the money for my daughter being spent on another man's child. I know that my ex has set up a child trust fund account, but ideally I'd like to set up an account for my daughter that I can give her when she's 18 so she know's that it's from me.

    Has anyone any recommendations? I would like it to be so no one can access it but her when she's 18 and so my ex doesn't think I'm just cutting back on payments and keeping the difference myself. Also the higher the interest would be better.
     
  2. funkyspider

    funkyspider
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    Unfortunately that is not what child maintenance is for. It is for the wellbeing of the child now.

    I'm guessing you have come to an agreement about payments so far. She may very well just go to the CSA (or the new equivalent) who will then give you no option on how much to pay.

    I completely understand your feelings on this matter, but it's a tricky one and unless agreed by both sides she will just get the authorities involved which may work out better financially, but worse emotionally for you after all the arguing etc.
     
  3. PaleRider1975

    PaleRider1975
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    I understand that it is for the wellbeing of my daughter now I'm not denying that but I know that there is no way that £250 is being spent on my daughter each month and I'm not going to pay towards another man's child that is not part of a relationship I'm in! She didn't object to me when I said that in fact she gave me the account details for my daughters trust fund, but I would rather set up an account myself for her especially as you're only allowed to put a maximum of £1200 into the trust fund each year and would mean that no one else would be able to add to it. By setting up one myself I'll be able to ensure that she gets what is her's and not her mum spending it unecessary things, such as going out partying with her sister!
     
  4. PaleRider1975

    PaleRider1975
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    Bump.

    :lease:
     
  5. Toasty

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    I'm afraid that my suggestion would be contribute to the existing child trust fund, as this probably makes the best financial sense and leaving your daughter with a tidy packet at 18 if payments are maintained.

    Alternatives would be standard child saving accounts, which can be accessed before 18, or similar trust schemes, but charges on these will be higher than the CTF.

    Edit: sorry, didn't read the £1200 limit part.
     

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