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child trust fund

So I got a letter regarding my child trust fund/the amount just today. I’m not really familiar with this whole thing since my mum only told me about it last year (I’m turning 18 in a month). I’m not sure if this is normal or not, but my mum said that when I receive the money, I should give 2k to her. I’m hearing that it’ll legally be my money, so I decide what to do with it, but would I be selfish for not giving her the desired amount? I asked her what she wanted it for, and her answer was pretty unclear. She said she wants to save it/keep it safe (?) I honestly don’t know. I’d appreciate it if anyone could give me advice because I’m pretty inexperienced.

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Original post by Anonymous
So I got a letter regarding my child trust fund/the amount just today. I’m not really familiar with this whole thing since my mum only told me about it last year (I’m turning 18 in a month). I’m not sure if this is normal or not, but my mum said that when I receive the money, I should give 2k to her. I’m hearing that it’ll legally be my money, so I decide what to do with it, but would I be selfish for not giving her the desired amount? I asked her what she wanted it for, and her answer was pretty unclear. She said she wants to save it/keep it safe (?) I honestly don’t know. I’d appreciate it if anyone could give me advice because I’m pretty inexperienced.

Sounds to me that you'll never see that £2k again. How much is the total fund?
Reply 2
Original post by ageshallnot
Sounds to me that you'll never see that £2k again. How much is the total fund?

I think around 8k
Original post by Anonymous
So I got a letter regarding my child trust fund/the amount just today. I’m not really familiar with this whole thing since my mum only told me about it last year (I’m turning 18 in a month). I’m not sure if this is normal or not, but my mum said that when I receive the money, I should give 2k to her. I’m hearing that it’ll legally be my money, so I decide what to do with it, but would I be selfish for not giving her the desired amount? I asked her what she wanted it for, and her answer was pretty unclear. She said she wants to save it/keep it safe (?) I honestly don’t know. I’d appreciate it if anyone could give me advice because I’m pretty inexperienced.


I’m now sure about 2k but my mum did the same with £300 lol she told me the reason though it was mainly for religious reasons but 2k is a lot so I would probably ask again what it is for
Original post by Anonymous
So I got a letter regarding my child trust fund/the amount just today. I’m not really familiar with this whole thing since my mum only told me about it last year (I’m turning 18 in a month). I’m not sure if this is normal or not, but my mum said that when I receive the money, I should give 2k to her. I’m hearing that it’ll legally be my money, so I decide what to do with it, but would I be selfish for not giving her the desired amount? I asked her what she wanted it for, and her answer was pretty unclear. She said she wants to save it/keep it safe (?) I honestly don’t know. I’d appreciate it if anyone could give me advice because I’m pretty inexperienced.

Hiya....
first of all the money is YOURS
The child trust fund was an initiative that has been stopped by the government. It is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.
I suggest you find a bank that will convert your CTF into a an ISA, but here are a few articles that can help:
https://www.moneyhelper.org.uk/en/savings/types-of-savings/child-trust-funds
https://www.moneysavingexpert.com/savings/maturing-child-trust-fund/

If you need any more help, do ask💙💙
(edited 1 month ago)
Original post by Anonymous
I’m now sure about 2k but my mum did the same with £300 lol she told me the reason though it was mainly for religious reasons but 2k is a lot so I would probably ask again what it is for

"Mainly for religious reasons"? What did she mean by that exact?
Reply 6
Original post by ageshallnot
"Mainly for religious reasons"? What did she mean by that exact?


Because I am a Muslim and the child trust fund uses interest which isn’t allowed in Islam so my mum said we should donate some of the money to charity
if your mum is wanting to save the £2,000 for you then you would be better to put this into an ISA in your name, the money from the trust fund is yours, any money which was invested into this by your parents, grandparents etc was a gift to you, they should not be asking for this back.

Most Child trust funds are able to be turned into an ISA on maturity, I would look into this then you know the money is being invested for you and no one but you can access this
Original post by Noor344
Because I am a Muslim and the child trust fund uses interest which isn’t allowed in Islam so my mum said we should donate some of the money to charity

First, I doubt very much that £2k out of £8k is interest.

Second, if you want to donate any of your interest for religious causes then that is your decision as an adult, not hers.

Third, that seems to contradict her assertion that she was 'keeping it safe for you'.

Fourth, who set up the fund knowing it was "un-islamic"?
(edited 1 month ago)
Original post by ageshallnot
First, I doubt very much that £2k out of £8k is interest.
Second, if you want to donate any of your interest for religious causes then that is your decision as an adult, not hers.
Third, that seems to contradict her assertion that she was 'keeping it safe for you'.
Fourth, who set up the fund knowing it was "un-islamic"?
Third,


I don’t have any problem with it . She didn’t do it behind my back and was very upfront with it . And it wasn’t a lot of money. Also I didn’t imply that it was religious reasons for your case only that I also had money taken out of my savings
Reply 10
Original post by Anonymous
I don’t have any problem with it . She didn’t do it behind my back and was very upfront with it . And it wasn’t a lot of money. Also I didn’t imply that it was religious reasons for your case only that I also had money taken out of my savings


My mum did set up the fund but was not aware that interest was not allowed in Islam as she was not very educated on that topic. She didn’t tell me she was keeping it safe she told me the cause .
Reply 11
Original post by ageshallnot
First, I doubt very much that £2k out of £8k is interest.
Second, if you want to donate any of your interest for religious causes then that is your decision as an adult, not hers.
Third, that seems to contradict her assertion that she was 'keeping it safe for you'.
Fourth, who set up the fund knowing it was "un-islamic"?
Third,


But in your case I would ask your mum what the £2k is for as it is a lot of money . Sometimes parents do stuff for us that we don’t know about ( not saying this is definitely the case ) but I did see a video of a mum doing a similar thing and it ended up being money she put towards her child’s car
Original post by Noor344
But in your case I would ask your mum what the £2k is for as it is a lot of money . Sometimes parents do stuff for us that we don’t know about ( not saying this is definitely the case ) but I did see a video of a mum doing a similar thing and it ended up being money she put towards her child’s car

I think we're at cross purposes. I confused you with the OP just now.
(edited 1 month ago)
Original post by ageshallnot
I think we're at cross purposes. I confused you with the OP just now.


Yeah i was gonna say what the hell are you on ab leave the other person alone😭😭
Original post by Arii256
Yeah i was gonna say what the hell are you on ab leave the other person alone😭😭

Yep, my bad! Though to be fair one post was addressed to me as if I were the OP!
Original post by halfharry
Hiya....
first of all the money is YOURS
The child trust fund was an initiative that has been stopped by the government. It is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.
I suggest you find a bank that will convert your CTF into a an ISA, but here are a few articles that can help:
https://www.moneyhelper.org.uk/en/savings/types-of-savings/child-trust-funds
https://www.moneysavingexpert.com/savings/maturing-child-trust-fund/
If you need any more help, do ask💙💙

thank you so much 💙
Original post by Arii256
Yeah i was gonna say what the hell are you on ab leave the other person alone😭😭

I was confused too 😭 (OP here)
Original post by Anonymous
I was confused too 😭 (OP here)

It's basicy my fault. I mixed up you and Anon #2/Noor.
Reply 18
The money is legally yours so you can decide what to do with it. Someone must have invested a bit more in it for you over the years as Gordon Brown only gave a few hundred pounds. So you might consider if you want to go along in full or in part with what your Mum would like
Reply 19
Original post by anonymous
so i got a letter regarding my child trust fund/the amount just today. I’m not really familiar with this whole thing since my mum only told me about it last year (i’m turning 18 in a month). I’m not sure if this is normal or not, but my mum said that when i receive the money, i should give 2k to her. I’m hearing that it’ll legally be my money, so i decide what to do with it, but would i be selfish for not giving her the desired amount? I asked her what she wanted it for, and her answer was pretty unclear. She said she wants to save it/keep it safe (?) i honestly don’t know. I’d appreciate it if anyone could give me advice because i’m pretty inexperienced.

omd im in exactly the same situation 😭

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