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Child Trust Fund vs Junior ISA
meljdobson
Posts: 6 Forumite
My daughter was born in 2006 and I opened a Child Trust Fund which has been regularly paid into. She now has over £11,000 in it. I wanted to transfer it to a Junior ISA but when I looked into it the way I see it is I have to transfer the full amount however the Junior ISA maximum is £9,000. Is this correct? If so are there any alternatives. The current rate of the CTF is 1%. Thanks.
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Comments
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£9000 is the maximum amount of 'new money,' you can pay in in each tax year so will just apply to anything you've paid in this tax year and not to your whole transfer balance. Just make sure the new provider arranges the transfer - don't close the CTF and withdraw funds yourself.
I've just transferred a CTF into a Junior ISA because there is more choice and the rates are better, although they are falling ATM.
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