If I wasn’t working for myself, it is fairly safe to say I would be involved in corporate finance, share trading or hedge fund management. Therefore it is no surprise to those around me that I have decided to go with a Selftrade account for my newborn’s Child Trust Fund.
As a very basic overview, all children born in England receive a £250 voucher from the Government to help them on their way in life. This voucher can only be deposited with a set list of providers and cannot then be accessed until your child turns 18. More specific information on the Child Trust Fund can be found here.
Whilst the scheme is great in theory, I suspect it will be yet another failing of the current Government. As with any application involving HMRC, you need a degree in astro-nonsense to decipher the 200 page ‘guide to filling in the application’ and 90% of Britain’s yocals simply do not hold such a qualification. Those who do manage to negotiate the application pack are then faced with a second problem: there are simply too many providers to choose from. If the Government took any notice of simple consumer theory there would be 3 to 5 schemes on offer, no more.
My choice was simplified by the fact Selftrade is the only nominated provider of a Child Trust Fund account who allow you to make your own investment decisions. Registration for Selftrade is fast and simple: log-on to selftrade.co.uk, select “Child Trust Fund” from the account menu, fill in a few basic details and the unique reference number from the £250 Child Trust Fund voucher and away you go.
For now, I must wait for the confirmation letter. In the meantime, I’ve loaded Bloomberg onto my iPhone and will keep tabs on the markets….