Quantcast

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Money in a CTF or a junior Isa cannot be withdrawn until the child's 18th birthday.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

Got a question? Ask our experts

Ask Our Experts

Sign up for Holly's blog

Stay up to date

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.