asda child trust fund close?

daxu

Hi,
I have an asda child trust fund and has a direct debit to top it up every month.

Today I happened to check their web site and found out that this fund is closed although existing customer' account will continue to run as normal.

I am wondering what this means? Should I start to look for new suppliers to transfer to? Should I continue the top up?

Many Thanks

Jerry

Reaper

The government is stopping CTF for those who do not already have them, that is why they are not accepting new applications. All providers will stop accepting new applications if they have not already. So no point in switching for that reason alone. This is all explained on the ASDA website.

daxu

Thanks
Family investments is giving 35£ cash back and 25£ voucher for new accounts. Not sure if a transfer counts as new account though.

Will it be a good one to transfer to?

jimjames

daxu wrote: »

Thanks
Family investments is giving 35£ cash back and 25£ voucher for new accounts. Not sure if a transfer counts as new account though.

Will it be a good one to transfer to?

Check their charges. If they can afford to pay your cash back and vouchers the chances are that they are raking that money back from you in the way of fees and charges on your funds.