Child Trust Fund to H2B ISA?

Bored_of_Being_Frugal

Anyone have any experience of this? My 2 sons have had CTF's (almost) since they were born. Eldest is about to turn 17. Just reading about the Help to Buy ISA which has a deadline of 30th November - is it possible/better to transfer my monthly payment to a H2B ISA now and get the 25% boost, or better to keep them both running? I can't afford to put an equivalent amount in a new ISA but could we just move from one to the other? Or even put in a lump sum from the CTF? Slightly lost in the jargon.


Thanks for any advice to clarify our best move.

eskbanker

Kids who are 16 or more (or will be by the end of this month) would generally benefit from opening a HTB ISA while they still can. It allows a one-off initial contribution of up to £1,000 but then only £200 per month thereafter, and there's no separate provision or allowance for lump sums to be added from other products.

https://www.moneysavingexpert.com/savings/help-to-buy-ISA/

The decision about what to do with CTFs is essentially a separate one, but they can be converted to Junior ISAs, where more competitive offerings may be found....

https://www.moneysavingexpert.com/savings/child-trust-fund-vouchers/
https://www.moneysavingexpert.com/savings/junior-isa/

xylophone

The boys cannot withdraw money until they are 18.

They might want to consider a transfer to a JISA if a better interest rate is available than they are currently getting.

Coventry BS accepts transfers and offers 3.6%.

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

Once they are 18 they can open a LISA.

Skibunny40

Pretty sure you can open a HTB ISA with £1 then add more later down the line so once your son turns 18 and has access to his CTF he could pay that money in.