Child Trust Fund - I am lost

elsanto

Hello,

I have two children, both turned 12 and 17 respectively, recently. They both got their Child Trust Fund accounts opened by the government. I then did not do anything about them, for years, like putting in money due to financial difficulties and family problems. I have now recovered and I want to put a few thousand pounds in each of their accounts but somebody told me the renamed CTF accounts (I cannot remember what they are called now) are not doing well so I was advised to open for them another type of account like JISA. 
Several questions:
- Is it better to leave those CTF accounts as they are and not put in more money?
- If opening a JISA (or similar) is it the same case that the children cannot touch the money until they are 18?

- On either of the two accounts, is it the case that third parties do not have rights to get money from them, such as creditors of mine and the mother? This is important to me

- I really do not understand about the choice of investment. Are there defaults I can go to?

- If I open accounts for them, in their name, and for them only to have access to, later on, do I need authorisation form the children or the mother? In particular I do not want the mother to know about them as she could try to find a way to get their money, even asking the children for it.

- I have the children's documentation, like birth certificates and passports  but I do not know what JISA or other people will want as ID.

- If it is difficult to open the accounts for them, is it easier just to pay into their Child Trust Fund accounts?

Thank you

elsanto

BTW, I am also heading for a heavy tax bill when I do my tax return in January 2021 so I would like advice if there are incentives on putting money in savings for the children to reduce the tax bill.
The first purpose for the money will be for my children to pay college fees.

xylophone

https://www.gov.uk/junior-individual-savings-accounts
Your children cannot have both a CTF and a JISA.
The  CTF can be transferred into a JISA.
Coventry BS accepts transfers in.

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

pramsay13

Who is the Child Trust Fund with?
It will probably be better opening a Junior ISA for the new money.
Once it is open it cannot be touched by others and they will gain control when they are older.
You cannot reduce a tax bill by gifting money to your children.

elsanto

pramsay13 said:

Who is the Child Trust Fund with?
It will probably be better opening a Junior ISA for the new money.
Once it is open it cannot be touched by others and they will gain control when they are older.
You cannot reduce a tax bill by gifting money to your children.

I do not know at the moment.
Don't they say you have to be at least 18 to open a Junior ISA? Can it be any age?

xylophone

Don't they say you have to be at least 18 to open a Junior ISA? Can it be any age?

Have you read the links in my post above?

surreysaver

elsanto said:

pramsay13 said:

Who is the Child Trust Fund with?
It will probably be better opening a Junior ISA for the new money.
Once it is open it cannot be touched by others and they will gain control when they are older.
You cannot reduce a tax bill by gifting money to your children.

I do not know at the moment.
Don't they say you have to be at least 18 to open a Junior ISA? Can it be any age?

No. If you're going to make things up, perhaps it is better if you do not comment. The clue is in the name - JUNIOR ISA
You have to be under 18

[Deleted User]

Most of the CTFs were invested in a default FTSE100 fund (of those that I know of) which would have lost found 20% this year.

elsanto

surreysaver said:

elsanto said:

pramsay13 said:

Who is the Child Trust Fund with?
It will probably be better opening a Junior ISA for the new money.
Once it is open it cannot be touched by others and they will gain control when they are older.
You cannot reduce a tax bill by gifting money to your children.

I do not know at the moment.
Don't they say you have to be at least 18 to open a Junior ISA? Can it be any age?

No. If you're going to make things up, perhaps it is better if you do not comment. The clue is in the name - JUNIOR ISA
You have to be under 18

Read my original post carefully: I am lost. I rad somewhere about the age of 18. 
If you have nothing positive to contribute, don't comment just to try and look smart.

elsanto

xylophone said:

https://www.gov.uk/junior-individual-savings-accounts
Your children cannot have both a CTF and a JISA.
The  CTF can be transferred into a JISA.
Coventry BS accepts transfers in.

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

This is not true. I have just called the Coventry and they told me I can open the JISAs as well as leaving the CTF accounts as they are

csgohan4

elsanto said:

surreysaver said:

elsanto said:

pramsay13 said:

Who is the Child Trust Fund with?
It will probably be better opening a Junior ISA for the new money.
Once it is open it cannot be touched by others and they will gain control when they are older.
You cannot reduce a tax bill by gifting money to your children.

I do not know at the moment.
Don't they say you have to be at least 18 to open a Junior ISA? Can it be any age?

No. If you're going to make things up, perhaps it is better if you do not comment. The clue is in the name - JUNIOR ISA
You have to be under 18

Read my original post carefully: I am lost. I rad somewhere about the age of 18. 
If you have nothing positive to contribute, don't comment just to try and look smart.

Could you substantiate your claims then?  Where did you read it?

https://www.gov.uk/junior-individual-savings-accounts

pretty clear to me