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  • FIRST POST
    • mcrewe
    • By mcrewe 13th Mar 17, 10:33 AM
    • 11Posts
    • 0Thanks
    mcrewe
    JISA regs help please
    • #1
    • 13th Mar 17, 10:33 AM
    JISA regs help please 13th Mar 17 at 10:33 AM
    Can someone just clarify the regs about junior ISA's & child trust funds please ?
    I have a child trust fund for my son set up with nationwide since 2005 ish which I have never paid into, it has simply earned a minimal amount of interest each year.

    I am now in a position wherby I want to invest into a stocks & shares JISA for him and have selected an appropriate fund with fidelity.

    My question is simply that fidelity will not transfer the CTF across into the JISA. I was under the impression that I wasn't able to hold both types of account - is this correct ?

    I asked fidelity about this and they said that I was still able to open the JISA with them & leave the CTF with nationwide and he would simply have 2 funds to receive in the future.

    That kind of makes sense but I wanted to check if that is correct on a legal footing? I have no plans to invest further in the CTF, future investments would be made into the JISA.

    Thanks
Page 1
    • Reaper
    • By Reaper 13th Mar 17, 11:16 AM
    • 6,085 Posts
    • 4,125 Thanks
    Reaper
    • #2
    • 13th Mar 17, 11:16 AM
    • #2
    • 13th Mar 17, 11:16 AM
    I think Fidelity are giving you duff info. You can't have both, and I would be surprised if they do not allow transfers.

    Maybe you need to ask again and speak to somebody different this time!

    If you get the same clueless individual then point them to this page on their own web site which states:
    It is not possible to hold both a Junior ISA and a Child Trust Fund (CTF).
    Last edited by Reaper; 13-03-2017 at 11:21 AM. Reason: Added a link
    • xylophone
    • By xylophone 13th Mar 17, 11:34 AM
    • 21,979 Posts
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    xylophone
    • #3
    • 13th Mar 17, 11:34 AM
    • #3
    • 13th Mar 17, 11:34 AM
    https://www.gov.uk/child-trust-funds/managing-the-account


    https://www.fidelity.co.uk/investor/isa/junior-isa/faqs.page

    Can I transfer a Child Trust Fund to a Junior ISA?

    It is possible to transfer a Child Trust Fund to a Junior ISA but it is not service that Fidelity offers.
    • xylophone
    • By xylophone 13th Mar 17, 11:45 AM
    • 21,979 Posts
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    xylophone
    • #4
    • 13th Mar 17, 11:45 AM
    • #4
    • 13th Mar 17, 11:45 AM
    https://www.moneyadviceservice.org.uk/en/articles/junior-isas

    The child is permitted a cash JISA and stocks and shares JISA which, while subject to the overall annual allowance, can be with different providers.

    The OP could transfer from Nationwide CTF to Nationwide JISA

    http://www.nationwide.co.uk/support/support-articles/discontinued-accounts/products-no-longer-availible-transfer-your-child-trust-fund

    and hold cash JISA portion with Nationwide and stocks and shares portion with Fidelity?

    And re CTF to JISA transfer see

    http://forums.moneysavingexpert.com/showthread.php?p=70479762#post70479762

    Alternatively, the OP could choose not to use Fidelity but another provider who would accept the CTF transfer.

    Example

    https://www.charles-stanley.co.uk/products-and-services/junior-isas
    • xylophone
    • By xylophone 13th Mar 17, 11:48 AM
    • 21,979 Posts
    • 12,681 Thanks
    xylophone
    • #5
    • 13th Mar 17, 11:48 AM
    • #5
    • 13th Mar 17, 11:48 AM
    See also

    https://www.gov.uk/junior-individual-savings-accounts/overview
    • Reaper
    • By Reaper 13th Mar 17, 12:07 PM
    • 6,085 Posts
    • 4,125 Thanks
    Reaper
    • #6
    • 13th Mar 17, 12:07 PM
    • #6
    • 13th Mar 17, 12:07 PM
    Thanks for those clarifications xylophone, good points.
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