Child Trust Funds

MumOf3Beasties

Hi, my children each have a child trust fund with Yorkshire building society. The accounts were started up a few years ago with the lump sum from the government.

I chose savings only for them rather than a stocks and shares type account.

My question is can I move these accounts to a different bank?obviously no withdrawls wanted, the interest rate isn't great so want to find a better deal for them!

Does anyone have experience of doing this? Can I move the money regularly to try make the most of offers on interest?

Thank you in advance

jonesMUFCforever

How much are they earning now?
Where do you think you will get a better deal bearing in mind you can't cash them in.

xylophone

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

"Changing accounts or providers
The registered contact can change the type of CTF or account provider. Your CTF provider can tell you how to do this."

http://www.moneysavingexpert.com/savings/child-trust-fund-vouchers

But the CTF will be transferable to the more flexible JISA probably from next April 6.


http://www.thisismoney.co.uk/money/saving/article-2528285/Parents-able-transfer-CTFs-Junior-Isas.html

http://www.moneysavingexpert.com/savings/junior-isa

planteria

i would move to Stocks & Shares....that provides the potential for a good return. In Cash that is not happening nowadays. There are conservative funds available, with a spread of Stocks & Shares, Property, Bonds & Cash...managed cautiously. better than cash for a small pot which is to be left alone for years.