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  • FIRST POST
    • MakeAChange
    • By MakeAChange 6th May 17, 8:18 AM
    • 74Posts
    • 35Thanks
    MakeAChange
    Child Trust Fund to ?
    • #1
    • 6th May 17, 8:18 AM
    Child Trust Fund to ? 6th May 17 at 8:18 AM
    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 !
Page 1
    • eskbanker
    • By eskbanker 6th May 17, 8:28 AM
    • 5,466 Posts
    • 5,270 Thanks
    eskbanker
    • #2
    • 6th May 17, 8:28 AM
    • #2
    • 6th May 17, 8:28 AM
    See http://www.moneysavingexpert.com/savings/junior-isa for a briefing on junior ISAs and how/why to convert a CTF into one....
    • xylophone
    • By xylophone 6th May 17, 10:10 AM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    • #3
    • 6th May 17, 10:10 AM
    • #3
    • 6th May 17, 10:10 AM
    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/overview
    • Eco Miser
    • By Eco Miser 6th May 17, 2:32 PM
    • 2,984 Posts
    • 2,763 Thanks
    Eco Miser
    • #4
    • 6th May 17, 2:32 PM
    • #4
    • 6th May 17, 2:32 PM
    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).
    Originally posted by MakeAChange
    Good for you. However, an account that can't be accessed for another 5-6 years, while valuable in itself, is not going to teach the value of delayed gratification and saving up as well as an easy access account. "You could buy a packet of sweets each week, or you could put it in the bank, and they would give you more money, and after a year you'd be able to buy a <current object of desire>" may work better than "this money is locked up until you're 18, when you'll be able to spend it on your education."
    Eco Miser
    Saving money for well over half a century
    • MakeAChange
    • By MakeAChange 8th May 17, 9:16 AM
    • 74 Posts
    • 35 Thanks
    MakeAChange
    • #5
    • 8th May 17, 9:16 AM
    • #5
    • 8th May 17, 9:16 AM
    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?
    • Westie983
    • By Westie983 8th May 17, 10:50 AM
    • 3,772 Posts
    • 13,838 Thanks
    Westie983
    • #6
    • 8th May 17, 10:50 AM
    • #6
    • 8th May 17, 10:50 AM
    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

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £330/£365 = 90.41%
    Virtual Sealed Pot #1 Total £1,350/£1,800 = 75.00%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £24,945/£16,665 = 149.68%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • MakeAChange
    • By MakeAChange 17th May 17, 7:18 PM
    • 74 Posts
    • 35 Thanks
    MakeAChange
    • #7
    • 17th May 17, 7:18 PM
    • #7
    • 17th May 17, 7:18 PM
    I have now switched it

    I am progressing quite well on all the little money saving things im changing, rather impressed with myself lol
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