Child Trust Fund to ?
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MakeAChange_2
Posts: 102 Forumite
Hi,
I have a child trust fund for my child age 12, I'm thinking about changing this but have no clue to what or how!
It's with nationwide at the moment and I think I read something before about changing to an Isa? I have no clue about these things but want to start teaching my child to save and be smart with money (as nobody taught me these valuable life skills).
Really want to get this right so any advice would be much appreciated ! :T
I have a child trust fund for my child age 12, I'm thinking about changing this but have no clue to what or how!
It's with nationwide at the moment and I think I read something before about changing to an Isa? I have no clue about these things but want to start teaching my child to save and be smart with money (as nobody taught me these valuable life skills).
Really want to get this right so any advice would be much appreciated ! :T
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Comments
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See http://www.moneysavingexpert.com/savings/junior-isa for a briefing on junior ISAs and how/why to convert a CTF into one....0
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The best rate available for a cash JISA is currently offered by the Coventry Building Society.
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html
https://www.gov.uk/government/publications/isa-manager-bulletin-65/guidance-transfer-of-a-child-trust-fund-to-a-junior-isa
Note that the transfer in is regarded as a previous year's subscription and therefore if you have already subscribed the full amount for the CTF year, (or choose to do so before transfer), you could then make up to the full subscription for the current tax year into the JISA.
https://www.gov.uk/junior-individual-savings-accounts/overview0 -
MakeAChange wrote: »I have no clue about these things but want to start teaching my child to save and be smart with money (as nobody taught me these valuable life skills).Eco Miser
Saving money for well over half a century0 -
Hi all, thank you for the replies, and yes I was also thinking that I should also open a little bank/savings account as this would also help through secondary school for little bits and pieces.
Do you have any advice on the best offers for bank accounts for Kids?0 -
Have a look here, may give you some idea
http://www.moneysavingexpert.com/savings/child-savings-tax-free?_ga=2.269081650.291168704.1494236948-833346479.1464636705
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I have now switched it
I am progressing quite well on all the little money saving things im changing, rather impressed with myself lol0
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