Top Child Trust Funds Article Discussion Area

xylophone

The F&C stakeholder CTF gives you only one option, the All Shares Tracker Fund, but you want to transfer into a Money Markets Fund?

Their JISA allows access only to their range of investment trusts?

If you want a wider choice, you could transfer the CTF to a JISA with say, Charles Stanley or HL?

You would be able to choose your investments and have them sold within a couple of days or so and hold cash within the account.

It would be possible to transfer the cash to a cash JISA.

Or you could choose now to transfer the F&C CTF to a cash JISA provider?

How old is your child now?

ernie-money

xylophone wrote: »

The F&C stakeholder CTF gives you only one option, the All Shares Tracker Fund, but you want to transfer into a Money Markets Fund?

Their JISA allows access only to their range of investment trusts?

If you want a wider choice, you could transfer the CTF to a JISA with say, Charles Stanley or HL?

You would be able to choose your investments and have them sold within a couple of days or so and hold cash within the account.

It would be possible to transfer the cash to a cash JISA.

Or you could choose now to transfer the F&C CTF to a cash JISA provider?

How old is your child now?

Sorry, I never noticed the reply until now!
My son is now 13, and I was thinking of transferring to Nationwides cash junior isa, as they offer a decent(ish) flat interest rate with no bonus that will expire, rather than risking future fluctuations in the stock market. If I timed it right, I thought it could be a good move, but it looks like the only way of doing this is by sending off the form in the post, and having no way of choosing when the sale takes place...

Robofw9

Our son has a stakeholder CTF from 2002 with Childrens Mutual. CM was taken over by Foresters Financial in 2013. It now looks like CM is disappearing as a brand so the CTF is transferring to FF direct management from January 2017. But it's under their insurance arm Forester Life so seems to change into some kind of insurance product.

CM's helpline said the new FF/FL product is still a CTF & we can still transfer out to a junior ISA as before.

Have I anything to worry about? If I don't want the CM CTF to be transferred to FF/FL I have to arrange a new CTF to transfer it into by 16/12/16.

From the waiting time, the CM helpline is very busy!

I think we should move to a JISA some time - just want to know if I should act now.

Many thanks

tribpot

Hope you can help me. I'm trying to transfer my son's CTF into a Junior ISA but Tesco Bank are telling me they are unable to do this directly:

CTFs can be transferred into Junior ISAs, but we require the CTF to be closed in order to facilitate the transfer. Closure of a CTF (and the extraction of the funds) is a service which we unfortunately are unable to provide

I haven't read anything about this elsewhere, am I missing something?

xylophone

https://www.gov.uk/government/publications/isa-manager-bulletin-65/guidance-transfer-of-a-child-trust-fund-to-a-junior-isa

https://forums.moneysavingexpert.com/discussion/5539856

http://www.moneysupermarket.com/c/news/how-to-transfer-a-ctf-to-a-jisa/0085961/

Approach the provider who is to hold the JISA and ask for the transfer to be arranged.

cloud_dog

tribpot wrote: »

I haven't read anything about this elsewhere, am I missing something?

What are you transferring?

Is it currently in an investment CTF, is it in cash or stocks (investments), or is it a cash (savings) based CTF ? What are you transferring it into; cash / investments JISA?

xylophone

https://www.tescobank.com/assets/sections/savings/pdf/tesco-junior-cash-isa-key-features.pdf?_=cachebuster06042016

Is the rate on the Tesco CTF the same as on their JISA?

tribpot

xylophone wrote: »

Approach the provider who is to hold the JISA and ask for the transfer to be arranged.

They are the ones saying they cannot arrange the transfer.

I'm transferring a stocks and shares CTF to a Cash ISA.

Tesco don't offer a CTF.

xylophone

Sorry, I misunderstood your post.

However, it is possible to transfer a CTF to a Tesco JISA (see link in 318 above under who can have a Tesco Bank Junior ISA)

Here is the transfer form

https://www.tescobank.com/assets/sections/savings/pdf/tesco-junior-cash-isa-transfer.pdf

However, you may need to sell the investments within the CTF so that it is holding only cash before asking Tesco to arrange the transfer?

And note the information in post 2 here https://forums.moneysavingexpert.com/discussion/5539856

tribpot

Yes, I saw that form, but Tesco have categorically stated I cannot transfer a CTF into the ISA until it has been 'extracted' from the current provider, they have given no indication of what this means or how it is achieved. Nationwide appear to have a better process so I have requested the forms from them.