Matured Child Trust fund to Cash ISA - which companies accept transfers as I thought they all did?

MoneyNow1

My son has just turned 18 so his Child Trust Fund with One Family has just matured. He was hoping to Open an Adult Cash ISA with Virgin Money and transfer the balance of his One Family matured CTF account but they don't accept transfers. Apparently, some others do but I would welcome some advice on who to try for best rates for transferring for 1 year to keep tax free benefit  of CTF and good interest. I thought you could transfer it to an adult ISA with all providers but that is obviously not the case.

refluxer

I'm not sure about Virgin Money specifically, but most (adult) cash ISA providers allow transfers in... from other adult ISAs at least - I'm not sure about CTFs.

Is it a 'Matured Stakeholder CTF' that he currently has ? If so then these T&Cs give all the maturity options, one of which is transferring to an alternative provider and this sounds like it proceeds exactly as any other adult ISA transfer would - ie. you contact the new provider, give them the CTF account details and they carry on the transfer for you, so that you retain the (tax-free) CTF/ISA status of the money. You'd obviously need to find a new provider who would accept such a transfer though, as they won't be obliged to. This may or may not be an issue - I don't know.

Note that if it is a Stocks & Shares CTF that those T&Cs state that once they receive a transfer instruction from a new provider, they sell your investment on the following working day, and issue a cheque to the new provider, so (a) you won't know the exact value until that happens and (b) the transfer could take a while as it won't be an online payment.

xylophone

See p5.

https://www.onefamily.com/assets/consumer/downloads/child-trust-fund/matured-stakeholder-ctf-terms-conditions.pdf

Your son could check the list and contact the preferred provider concerning transfer in.

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

cloud_dog

MoneyNow1 said:

My son has just turned 18 so his Child Trust Fund with One Family has just matured. He was hoping to Open an Adult Cash ISA with Virgin Money and transfer the balance of his One Family matured CTF account but they don't accept transfers. Apparently, some others do but I would welcome some advice on who to try for best rates for transferring for 1 year to keep tax free benefit  of CTF and good interest. I thought you could transfer it to an adult ISA with all providers but that is obviously not the case.

Coventry BS accept CTF transfers