When El Gordo first announced the Child Trust Fund I said it was a con and guess what – it’s a fucking rip-off scheme designed to make rich companies richer.
We didn’t bother “investing” the voucher we were sent for #4 (the only child that qualified) because there seemed little point as it was pretty obvious that it would be eaten up by fees long before she ever gets her hands on it. So, the Treasury “invested” the £250 for her with a company called engage.
Last year the fund made a 6.2% loss but engage still took a 1.5% admin fee, knocking about £40 off the account.
In 14 years time when she’s old enough to claim the money, there will be nothing left – the only people who will make any money out the CTF are the “investment” companies.
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