Junior ISA

natv

Hi. I have just tried to open a junior ISA for my daughter with TSB but was told I couldn't because she had a child trust fund (we were going to transfer the funds over). Other banks seem to allow this as long as you transfer trust fund monies over and this seems in line with the government site. So can TSB refuse?
Keen to stick with them as have a number of accounts including an ISA for my youngest plus we live in a small town with only 2 banks.
Confused!!

PeacefulWaters

Yes they are under no obligation to accept a Child Trust Fund.

Halifax, Lloyds and Bank of Scotland accept transfers in for branch applications.

natv

Thanks. What if I transferred Trust Fund into an ISA at one of the banks that does allow it and then tried to transfer that ISA to a TSB one? They seem to say you can't open the ISA even if you have just been eligible for a trust fund and don't currently have one. Seems a bit daft.

Flobberchops

It's a bit of hassle, but I don't see why that wouldn't work, i.e. transferring at one of the banks that does allow funds from a CTF then changing JISA providers.

Mind you, Halifax offers a JISA rate identical to TSB (and a bonus 1% if you have an adult cash ISA with them) so the provider switch may not be necessary?

natv

TSB was really for convenience so I can do all my internet banking at once inc transfers between accounts. Also so I have a handy branch to pop in to if there are problems. I'll maybe have to call them to see if thats doable - I actually dont think it will be because I think the system offers an ISA based upon date of birth.

xylophone

Transfer into a JISA with the existing provider then transfer to TSB?

http://www.thisismoney.co.uk/money/investing/article-1587994/Junior-Isa-Child-Trust-Fund-How-save-invest-children.html