CTFs can be converted to Junior ISAs

xylophone

You can change CTF provider.

https://www.gov.uk/child-trust-funds/managing-the-account

https://forums.moneysavingexpert.com/discussion/comment/64731252#Comment_64731252 This poster seems happy with F&C.

Or google self select CTF?

cloud_dog

carrotcruncher1 wrote: »

...I am bit miffed to find that I cannot open an isa for my daughters other funds (not ctf voucher) as she apparently HAS to pay it in to the ctf as a top up????????

Yes, it must be very..... miffing, to get free money. I still don't know how some people can bear it.

stoddy2k01

Could i open a junior isa for my child now; Then transfer the funds from the CTF to this isa next april.

xylophone

Could i open a junior isa for my child now; Then transfer the funds from the CTF to this isa next april.

No - you can transfer to another CTF if you wish.

stoddy2k01

Thanks I know i can transfer the ctf to another ctf; But my question was that next year sometime we will be able to transfer our ctf to a junior isa.

But i wondered was it possible for me to start an isa for my daughter now then move the ctf balance to the isa neat year when the new change comes in.

Thanks
Stoddy. :T

Archi_Bald

The answer is no - your child can have either a CTF or a JISA, not both. I believe this will remain so even after you can transfer at CTF into a JISA next year.

Laparolasecondomama

So from April this year, 2015, Child Trust Funds can be transferred into Junior Isas. BUT it still seems to be the case that a child who has had a CTF cannot open a new JISA per se. Can that be right ? I would like to save for my third son as I have for his two older brothers (they have JISAs) but do I really have to go via his Child Trust Fund to get money into an ISA for him ?

The govt. bless it, doesn't seem to have done the joined up thinking on this one. Or is it me ?

Laparolasecondomama

Carrot cruncher, I think we are in the same boat, ie we would like to be able to put the savings into a JISA. You'll find you have somewhere in the region of £600 by the time she is eleven so watch out you don't transfer out before you get the second gift. I guess it will become clearer the nearer we get to April. I intend to go and have a chat with my building society pretty soon so they can check the rules on this. The worst case scenario as far as I can see is that we will have to access the junior isas via the CTF. They'll work out what they've done when thousands of people go and make the same point! I guess

xylophone

As I understand it, there is a CTF year ( birthday to birthday?) which unlike the JISA, does not necessarily align with the tax year.

Presumably you can add to your child's CTF now and then wait and see how the changeover process goes when the details are announced, probably with the Budget.

http://www.thechildrensmutual.co.uk/family-articles/savings/can-you-transfer-your-ctf-to-a-junior-isa/


With regard to the government top ups, have these not been discontinued?

http://en.wikipedia.org/wiki/Child_Trust_Fund

bowlhead99

Laparolasecondomama wrote: »

So from April this year, 2015, Child Trust Funds can be transferred into Junior Isas. BUT it still seems to be the case that a child who has had a CTF cannot open a new JISA per se. Can that be right ? I would like to save for my third son as I have for his two older brothers (they have JISAs) but do I really have to go via his Child Trust Fund to get money into an ISA for him ?

The govt. bless it, doesn't seem to have done the joined up thinking on this one. Or is it me ?

Yes, that can be right. A child isn't allowed to have multiple JISAs. So, while the government is making the market more competitive letting you transfer an old CTF into a new ISA, instead of having it wallow around in the dated and time -limited world of CTFs - they presumably won't want a 5- year old to be able to have a CTF and a JISA while a 1-year old and a 15-year old can only have a single product. One product per child is easier to track and ensure people are sticking to the rules, than multiple products per person.