Child Trust Fund dilemma for Ex-pats

DonnaLee

My two children have Child Trust Funds with Furness Building Society in the UK. We emigrated to Alberta, Canada in 2014. Our problem is that the UK accounts are now defunct and the money is just sat there doing diddly squat, and we cannot move the money into Junior ISAs as we no longer live in the UK. I would really like to move the money into Trust accounts in Canada, as we will overcome further issues this way, PLUS have access to more favourable interest rates. I am at a loss as to how to go about this, and of course, the UK building society are not being at all forthcoming.

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https://www.furnessbs.co.uk/content/images/page/files/FBS_A4%20Rates%20Notice-ANLA.pdf

http://webarchive.nationalarchives.gov.uk/20120405170739/http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ChildBenefitandChildTrustFund/ChildTrustFund/WhentheChildTrustFundisupandrunning/DG_193638

You or your child go abroad
If you, or your child, move abroad, the account will remain open. Anyone can still add money to the account, even from abroad. Check with the account provider how you can do this.

Money cannot be taken out of the account until the child is 18.

It may be possible to transfer the account to a JISA.

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

https://www.gov.uk/junior-individual-savings-accounts/add-money-to-an-account

If your child moves abroad, you can still add cash to their Junior ISA.

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See also

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