Can i move a child trust fund into child savings rather than junior ISA?

moomi

The reason I ask if because if she has access to it (a junior isa) all herself it will just be blown!! I didn't think this would happen if we transferred the money into a savings account but I could be wrong. Also could we take the CTF and feed it into a monthly saver for a better rate? 

Thanks for any advice you can offer

PParka

Nope. It has to stay in a CTF or JISA
She will take control of the account at 16 and can withdraw it at 18.
The money will be hers, so she can blow the lot if she wants!

xylophone

The answer is no.  The funds in a CTF can only be transferred to another CTF or Junior ISA.
The child is the owner of the funds in the account - the registered contact controls them up to age 16  (when the child can assume control) - the funds cannot be withdrawn (and then only by the child) until the eighteenth birthday.
As for a better rate, the Coventry BS currently offers 3.6% on a JISA (accepts transfers in).
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

moomi

My son had a baby bond and I'd assumed the ctf worked similarly, obviously not. Just a big talk about being sensible with the money seems to be the way forward 😊👍🏻