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Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.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

Holly

 

 

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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.

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