Top Child Trust Funds Article Discussion Area

xylophone

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

That simply does not make sense- surely you would just complete the form ( which specifically covers the transfer of a CTF or JISA) send it to the address on the form and leave it to Tesco Bank to make the necessary arrangements, just as with any ISA transfer?

tribpot

You would think - but it looks as if the form requires you to have already the account number/sort code you wish to transfer into? And I can't open the Cash ISA because I would have to declare my son doesn't have a CTF.

If I wanted to give Tesco the business I would phone them and ask why they appear to have a form for something which apparently can't exist, but I'd rather proceed with Nationwide at this point. The purpose of posting was to see if anyone else had encountered the problem where a JISA provider can't accept a CTF transfer unless (and, again, I am quoting from Tesco):

You ... go to a third party (either a bank or a company) that is able to close and extract funds from a CTF, and then apply for a Savings account with ourselves

xylophone

I am utterly mystified.

https://www.tescobank.com/savings/isa-accounts/junior/index.html

How to transfer to Tesco Bank

There are two ways to transfer a Junior Cash ISA to Tesco Bank:

Call us on 0345 678 5678. This number may be included as part of any inclusive call minutes provided by your phone operator.

Download and complete a Junior ISA Transfer Authority Form and send it to us at the address shown on the form.

Junior ISA Transfer Authority Form PDF, 588kb

New customers should also complete an application either online or by telephone, so we can begin the transfer process during the application. That will help us set up your ISA as quickly as possible.

The form to which reference is made above specifically refers to CTF/JISA transfer.

Stealth07

Hi,

Have just tracked down my child CTF which started off with £500 and has been in the Halifax UK FTSE 100 Index Tracking Fund untouched since.. pleasantly surprised to hear its now at ~£875 with some minor fluctuations over the last 12 years..

Was wondering what everyone else's children's are at?

Have been thinking about switching the account, but unsure what to.. keen to hear others experiences so far with their existing providers? and new switches? (which acc to this forum seem a bit of a headache to sort!?)
Is it worth the haff of trawling rates to compare for switching?

surreysaver

I've got an investment CTF held on behalf of my son, which I've never done anything with as I always thought he would be better off with other investments, but the chap at the bank earlier I was chatting with said I could transfer it into a Junior Cash ISA. Is this correct? I was always under the impression that you could transfer cash into stocks, but not the other way around?

xylophone

It would be possible to realise cash in the CTF and then transfer the money to a cash JISA.

http://www.telegraph.co.uk/finance/personalfinance/investing/isas/11498832/Moving-from-Child-Trust-Fund-to-Junior-Isa-advice-for-different-ages.html

The above is a couple of years old but sets out the principle.

http://www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-children-s-accounts.html

https://www.gov.uk/child-trust-funds/overview

You could also transfer to a stocks and shares JISA.

It is possible to split a JISA between cash and stocks and shares.

surreysaver

Thanks for your help. I just couldn't find it definitively written anywhere. I was never keen on the CTF, and haven't added any money to it, preferring to sort out my own investments. But I am thinking of changing it to a Junior Cash ISA, as they have higher interest rates than other children's savings accounts, and I am investing in S&S for my son elsewhere anyway.

julied1972

My daughter was born in 2009 and I received the first child trust fund payment of £250 but did not receive a further £250 when she was 7. Is she entitled to the further £250 and if so how do I claim it for her?

ragz_2

I have just checked my daughter's one from 2010, we got £500 initially as were on a low income, she didn't get the additional payment age 7 (and as far as I can tell, neither did her brothers who are 10 and 11) so I'm guessing that just isn't happening.
Our 3's are worth between £850 (the oldest one, due to the crash lost a bit) and £930, so not bad really. I am currently trying to decide (now I have tracked them all down!) whether to transfer them to a different CTF or to a JISA (cash or s&s).

ragz_2

Just found this by googling, so looks like I was right http://www.thisismoney.co.uk/money/article-2784904/My-son-turned-7-year-Is-250-CTF.html