Holly Mckay
Holly MackayFounder and CEO
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    • Home • Advice • Common questions

    Can I move an old Child Trust Fund?

    13 July 2017

    Question by Suzanne

    Can I move an old Child Trust Fund?

    Answered by Holly Mackay

    Hi!

    In 2015 changes came in that meant that as the parent you now have the choice of transferring to a junior ISA if you wish.

    This was a victory to parents for these babies born between September 2002 and January 2011, as Child Trust Funds (CTFs) were a great idea but pay worse rates than junior ISAs, available for children born outside these dates.

    Both accounts allow up to £3,840 to be saved tax-free. CTFs were set up with Government vouchers of between £50 and £250, but parents are not given vouchers to fund junior ISAs.

    Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.

    Hope this helps,

    Holly

    Answered by

    Holly Mackay

    Founder & CEO, Boring Money

    I’ve worked in investment markets for over 20 years. I started out at Merrill Lynch Investment Management and worked at a few big names before setting up my first business in 2008.

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.