-
Compare
Independent, no-nonsense ratings and reviews
- Tools
-
Personal Plans
- Money Guides
- Money Goals
- Money Tribes
- Articles
- Ask an Expert
Independent, no-nonsense ratings and reviews
Suzanne | Greater London| 08/05/2018 | 0
Can I move an old Child Trust Fund?
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Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.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
We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA.
This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.
We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.
Our free weekly blog with Holly's
no-nonsense opinions, tips & food for thought.
If you change your mind, you can unsubscribe at any time. We'll never share your details and you can unsubscribe any time.