Wednesday, 2 February 2011

Y3 - 125/365: Who Can You Trust?

It's official. Our 13-month-old is wealthier than his own parents! We finally got around to opening s stakeholder account for Ryan's £250 Child Trust Fund voucher -- just one day before the expiry. We've been meaning to do it for quite some time, but things always seemed to come up and it was simply forgotten. But today was the day and we managed to do it all online after a disappointing visit to Britannia Bank & Building Society this afternoon.

We initially planned to open the account with Britannia, however, we were informed by an employee that they only offered cash, or savings, accounts and we wanted something with a bit more than a lousy few pence interest. Apparently many banks and building societies are doing away with their stakeholder accounts since the change with the new government to do away with the vouchers entirely. They went from a £250 voucher at birth and another £250 voucher paid out when the child reached 7 years to now a £50 voucher at birth and nothing further. Ultimately they will go to offering nothing at all, so we're just trying to make what use we can out of this so Ryan will have a bit built up when he turns 18.

I'm just glad we found anything at all after sifting through the long list of potential accounts/banks available.

And do you think that all our faffing about made any difference to this little guy? difference at all!!

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