Child Trust Fund to ?

MakeAChange_2

Hi,

I have a child trust fund for my child age 12, I'm thinking about changing this but have no clue to what or how!

It's with nationwide at the moment and I think I read something before about changing to an Isa? I have no clue about these things but want to start teaching my child to save and be smart with money (as nobody taught me these valuable life skills).

Really want to get this right so any advice would be much appreciated ! :T

eskbanker

See http://www.moneysavingexpert.com/savings/junior-isa for a briefing on junior ISAs and how/why to convert a CTF into one....

xylophone

The best rate available for a cash JISA is currently offered by the Coventry Building Society.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

https://www.gov.uk/government/publications/isa-manager-bulletin-65/guidance-transfer-of-a-child-trust-fund-to-a-junior-isa

Note that the transfer in is regarded as a previous year's subscription and therefore if you have already subscribed the full amount for the CTF year, (or choose to do so before transfer), you could then make up to the full subscription for the current tax year into the JISA.

https://www.gov.uk/junior-individual-savings-accounts/overview

Eco_Miser

MakeAChange wrote: »

I have no clue about these things but want to start teaching my child to save and be smart with money (as nobody taught me these valuable life skills).

Good for you. However, an account that can't be accessed for another 5-6 years, while valuable in itself, is not going to teach the value of delayed gratification and saving up as well as an easy access account. "You could buy a packet of sweets each week, or you could put it in the bank, and they would give you more money, and after a year you'd be able to buy a <current object of desire>" may work better than "this money is locked up until you're 18, when you'll be able to spend it on your education."

MakeAChange_2

Hi all, thank you for the replies, and yes I was also thinking that I should also open a little bank/savings account as this would also help through secondary school for little bits and pieces.

Do you have any advice on the best offers for bank accounts for Kids?

Westie983

Have a look here, may give you some idea

http://www.moneysavingexpert.com/savings/child-savings-tax-free?_ga=2.269081650.291168704.1494236948-833346479.1464636705

Westie983

MakeAChange_2

I have now switched it

I am progressing quite well on all the little money saving things im changing, rather impressed with myself lol