Prompt: BANK SWITCHING PERKS https://www.thesun.co.
are long-term, tax-free savings accounts which were set up for every child born between September 2002 and January 2 2011.The Government deposited £250 for every child during that time period, or £500 if they came from a low-income family earning around £16,000 a year or below.
The National Audit Office estimates that CTF providers could be earning collectively up to £100million per year through charges on accountsExperts say this "horror" has always been lurking and that it's "vital" anyone with a fund checks charges regularly.Max was one of the six million kids who got at least £250 to kickstart the trust funds between 2002 and 2011.
Max said: "We'd been expecting this letter for a while, I mean we'd been waiting for it for 18 years basically. According to the firm, the type of account chosen by Max's parents was a CTF Shares account, which has a different fee model. The firm said its Child Trusts Funds "require customers to actively make their own investment decisions and without authorisation and communication from customers, we are unable to take action on their behalf".
"We were explicit in the letters sent to customers when we introduced the annual charge, using best practice pounds and pence clarity about the costs that a customer’s Child Trust Funds would be incurring, giving 60 days’ notice to allow time for customers to decide if the product met their needs. “If you know the provider where the Child Trust Fund is held, the first port of call should be to contact them directly. If you don’t, you can ask“For the youngest holders, there are still five years before their Child Trust Fund reaches maturity."Mr Jobson said: "Many young adults might not be aware that there is a cash pot in their name waiting to be claimed.
You'll need to have a few personal details to hand to do the search, including your date of birth and National More than a quarter of CTF accounts were set up by the government because parents failed to do so within the 12-month window. Anything you transfer to an adult ISA at maturity will not count towards your annual ISA allowance, which is £20,000 for over 18s.
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