Child Trust Fund to Junior ISA?

anotherquestion

Hi folks,
Currently our child has a few thousand put in for him to a Child trust fund but is getting a pitiful rate of interest from Nationwide so we are thinking of converting to a Junior Isa with NS&I, which has a lot better rate, as I only found out today about this I believe its a government backed initiative?
https:www.nsandi.com/
1 They are offering 3.25% but would I be probably right in thinking that rate will more than likely drop a good deal in light of current BOE rates?
2 As out child has severe learning difficulties and is almost certain to be unable to manage their affairs and be able to withdraw the money once he reaches 18 is it too early for us to get power of attorney, or is that for another day, as he is just about to go into teenage years?
Many thanks for any info on this.

xylophone

https://www.moneywise.co.uk/news/2017-01-19%E2%80%8C%E2%80%8C/families-disabled-children-warned-about-charges-access-savings

https://www.sinclairslaw.co.uk/news/child-trust-funds-disabled-children/

 CTF/JISA subscription is now up to £9000 per year.

The CTF can be transferred to JISA - as for the rate, as it is variable, it can change at any time.
At the moment NS and I is offering the highest rate.

dave_ctf

Related to this, I want to transfer a CTF worth less than £500 to a Junio ISA. I haven't found any provider that will accept a transfer value below £500. Does anyone know of one? It's a catch-22: you can't open a Junior ISA if you have a CTF and it seems that you can't transfer a low value CTF without paying in more money. Any leads on providers that accept a low value transfer would be appreciated.

cloud_dog

dave_ctf said:

Related to this, I want to transfer a CTF worth less than £500 to a Junio ISA. I haven't found any provider that will accept a transfer value below £500. Does anyone know of one? It's a catch-22: you can't open a Junior ISA if you have a CTF and it seems that you can't transfer a low value CTF without paying in more money. Any leads on providers that accept a low value transfer would be appreciated.

I don't beleive there are restrictions on amounts, some providers do not allow a transfer in of a CTF but that is a separate issue.

NS&I, currently the best savings rate at 3.25% certainly do not have a limit and also allow the transfer in of a CTF in to their JISA.

shangaijimmy

I've just transferred one to NS&I that is under that amount. It took a while (Covid probably didn't help) and it is a Cash ISA, but my plan is to then transfer to a JISA somewhere else! Figured short term annoyance for long term gain!