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Child Trust fund

Does anyone know a way round this? I have a shares related CTF for my child with more than £9000 in it. It is not performing well and i want to move it into another better performing option. I cant take out £9000 and put it in aJISA as the remaining money would be left in the CTF and i cant have a CTF and JISA at the same time. Does this mean i am stuck where i am and cant change the account?

Comments

  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    edited 6 July 2020 pm31 12:59PM
    You are right, that you can't transfer part of a CTF into a JISA and keep some of the CTF going so that you have two products.  But what is the significance of 'more than £9000 in it'?  Why not transfer the whole amount into a JISA? Just tell the provider of the new JISA product that you want to transfer an existing CTF into their product.

    There isn't a limit on how big a CTF or JISA is allowed to be, only on how much new money can be put in during the year (the annual 'subscription limit' or contribution allowance). As long as you don't exceed the annual allowance, you are fine. The limits are on how much new money can be put in from outside a JISA/CTF (i.e. from a normal bank account) during the year. Old money which is already inside a JISA or CTF can be transferred around but doesn't count against the annual allowance because you're not subscribing new money.
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Find a JISA provider that will accept a transfer of the CTF and ask the new provider to arrange the transfer.

  • wow thanks bowlhead99. I totally misunderstood that. Thanks for replying. Stress over. On the hunt for a JISA now!! Thanks both

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