Can I move an old Child Trust Fund?
13 July 2017
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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Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.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
