Quantcast
Menu Off Menu On

Can I move an old Child Trust Fund?

Suzanne | Greater London| 08/05/2018 | 0

  • Junior ISA

Suzanne's question in full

Can I move an old Child Trust Fund?

Holly Mackay's Response

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Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.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

Our Expert

Holly - 066.JPG

Holly Mackay

Founder and MD of Boring Money, Holly Mackay has been working in the investments space since 1998. She read Modern Languages at Oxford, with a special focus on Mediaeval French which was deeply interesting and arguably utterly useless.

Related Questions

Got a Question?

  • Hello Are there any specific pensions you would recommend, with low charges, which I can set up for my 11 yr old son. I am already paying the maximum into a junior isa. AH

    Anita | SXW | 18/06/2018 | 3

    • Private Pension
    • Junior ISA
    Richard Allum, MD, Paraplanners 's Response

  • I would like to open a Junior shares ISA for my Grandson for about £50/month. How do I go about it and can you recommend some reliable companies?

    Roger | Surrey | 26/04/2018 | 2

    • Junior ISA
    • Shares
    Founder and CEO's Response

  • I am in the very lucky position of just having received a gift of £800k which I want to invest for our retirement. My husband and I are in our late 40s and aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?

    Fiona | UK | 18/01/2018 | 6

    • Private Pension
    • Stocks and Shares ISA
    • Junior ISA
    • Shares
    • Cash
    • Online Investment Platforms
    Holly Mackay's Response

  • We have four grandchildren (2 English living in UK, and 2 Irish living in Eire). We have decided to start savings plans for their futures. Their ages are 18yrs, 11yrs, 8yrs and 4yrs respectively. My age is 75yrs, and my wife is a little older. What should we do, please?

    John | BKM | 01/01/2018 | 1

    • Junior ISA
    • Lifetime ISA
    • Shares
    • Funds
    Martin's Response

  • I have a delightful 12 year old daughter and she has just opened her first bank account. I am dreadful with money but I would like to know what I should teach her so that she does not pick up my bad financial habits. Do you have some top tips of things to teach our children so they are wise and responsible with money please?

    Louise | Greater London | 11/09/2017 | 1

    • Junior ISA
    • Shares
    • Cash
    Lesley James's Response

  • Pensions vs ISA - which one is best?

    Roderick | Greater London | 06/09/2017 | 0

    • Stocks and Shares ISA
    • Junior ISA
    • Lifetime ISA
    • Pension
    Holly Mackay's Response

  • Where can I get a good Junior ISA?

    Rebeccah | Greater London | 06/09/2017 | 2

    • Junior ISA
    Holly Mackay's Response

Got a question? Ask our experts

Ask Our Experts