Child Trust Fund set up by Government

mamaloo

Hi I am fostering a child born in 2008. I want to open an ISA to save for her. However I think because of her age she would have had one of those Government funded trust accounts. I believe that I cant open an ISA if she has one of those accounts, but I have no idea how to trace it. Her parents have no idea about it and neither does Social Services (she was not in care when it would have been opened).

1. Does anyone know how I cant trace if she has one of these accounts?
2. If I track it down can I get the money transfered to an ISA and close the trust account?

Thanks

xylophone

See

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

Find your provider
You can find out where a CTF’s held if you don’t know the provider. Fill in the form online to ask HM Revenue and Customs (HMRC). You’ll need to sign in to your Government Gateway account or register for one.

HMRC will contact you for more information if you’ve adopted the child or a court has given you parental responsibility for them.

Alexland

Yes once you find the CTF with HMRC then assuming you can prove that you are their responsible parent you can open a Junior ISA with a provider that accepts CTF transfers (check first as they don't all offer this), transfer the CTF and contribute more yourself. Others can also contribute up to the annual limit.

mamaloo

Hi thanks for your replies. Unfortunately as a foster carer I don't have parental responsibility for her. Her own parents are going to do it so I suppose she will just lose that money. The other difficulty is that as she should have a child trust fund I'm not allowed to open an ISA for her. I will just have to try and find the best savings account that I can. Thanks again.

xylophone

Her own parents are going to do it so I suppose she will just lose that money.

Why should she lose the money?

The account is accessible to the child alone after her 18th birthday.

Once the parents have established where the account is held, the parent who is the registered contact can arrange to transfer it to a JISA - the Coventry BS is currently paying 3.25% which will increase to £3.50 on 1st December.

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

Once you know the account number you will be able to contribute if you wish.

nataliew123

Hi all, this may be the wrong place to post this but i am trying to find two of my children trust funds, we have moved around a bit and the addresses have not been logged with the providers. Xylophone you say further up to fill in the online form but i cannot find one, i followed your link, logged into GG but i couldn't find form anywhere, just kept getting redirected in a circle. Have you done it yourself maybe you could advise.
thank you

xylophone

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

You can find out where a CTF is held if you do not know the provider. Fill in the form online to ask HM Revenue and Customs (HMRC). You will need to sign in to your Government Gateway account or register for one

https://www.tax.service.gov.uk/gg/sign-in?continue=%2Fforms%2Fform%2Fask-us-where-a-childs-child-trust-fund-is-held%2Fnew&accountType=individual

Have you registered for a Gateway account to enable you to make the enquiry?

nataliew123

yes but when i follow the above link and sign in it just takes me to my self assessment page, there is no form

nataliew123

doh, thanks xylophone, i figured it out, i was trying to log in with verify instead of user/pass, I'm such a dummy