Child ISA vs saving account

Juniper72

I am trying to decide what to do with my kids money, I have 1 with the old CTF and 1 with a JISA, the eldest also has a saving account but never got round to opening 1 for the second child ��
Should I transfer the CTF and JISA to the best ISA and a saving account each or just put everything into the best saving account? Is there any benefit to the old government schemes?
Neither earns interest in a taxable bracket.
Thanks in advance

Zero_Sum

You might want to consider this
https://www.gov.uk/savings-for-children

If its in a normal savings account, if the money was gifted by parent, the parent is liable for tax

xylophone

Should I transfer the CTF and JISA to the best ISA and a saving account each or just put everything into the best saving account?

You can't transfer out of a CTF/JISA into anything other than a CTF/JISA.

The Coventry JISA (best rate at the moment) accepts CTF transfers.

With regard to transfer of CTF to JISA see

https://www.skintedmintedmum.co.uk/skinted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html
It is the child with the CTF who also has the savings account.

You could therefore contribute to the CTF within CTF year then transfer to JISA and contribute this tax year?

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

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

ndcdavis

I have just moved two of my children to the Junior ISA.

The reason is this.

As the children become older, the investment funds use lifestyling (eg reduce shares to cash/fixed interest) to reduce risk.

The problem is that the CTF still charges the annual 1.5% - so the risk is that the annual fee will eat into the capital.

Thus, I have changed into a cash junior ISA at NS&I (3.25% with no annual fee).