Child Trust Fund in Uk; who is your provider?

[Carey]

Anyone else got this? (any child born in Uk after Sept 2002 has been given money from government to invest til they are 18 yrs old) but we've just had a letter today informing us that we now need to pay 25 pounds + VAT account charges annually til our child is 18...well excuse me, this seems rather out of order.

So I'm looking to change provider...we're with F & C Investments currently. Last year it lost 71 pounds and made 17 pounds interest which I know is typical of investments in Uk at the moment but to pay another 25 pounds each yr now seems ridiculous ( our child is 9 yrs old). The Trust Fund website of course has no straight forward answers nor contact details and I expect living outside Uk will make it very tricky to change providers anyway but I'd be keen to know what others are doing? Who is your provider and do they charge ?

[norma]

Just found this article about them from today's Guardian:

http://www.guardian.co.uk/money/2013...t-fund-charges

My DD's plan is with Halifax, which isn't making account charges (yet), but the performance hasn't be great. Unless the govt does something to change the rules, I don't think there's much hope for them TBH.

[Carey]

Thanks for the article from The Guardian.

Probably a naive question, but how can they make you pay the charges? Do we just not get the money back when child is 18?

[norma]

I suspect that if you dont pay the charge directly, the company would deduct it annually from the value of the plan.

[jmh6110]

our daughters is at nationwide (managed by legal and general) any fees go out of the account. just a thought - did u chose a non stakeholder one? maybe thats why they are now charging. just fyi dunno if u will be able to change i tried to open another one at nationwide for my son n they said u cant anymore becasue of the junior isa's - which we cant have as arent resident in uk