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Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.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

Our Expert

Holly Mackay

Holly Mackay

Founder and MD 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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