Child trust fund and JISA

melcrafts

It appears that my child has both a child trust fund and a junior isa. The lady at the bank said she shouldn't have both, but offered no further advice. Accounts are with different banks. Does anyone know if I need to do anything or will this be OK?

sheramber

You cannot have a Junior ISA as well as a Child Trust Fund. If you want to open a Junior ISA ask the provider to transfer the trust fund into it.

https://www.gov.uk/junior-individual-savings-accounts#:~:text=You cannot have a Junior,the trust fund into it.

melcrafts

Thank you but the problem is she actually has both and I don't know what to do. Both accounts are over 10 years old.

silvercue

I have the same problem.  I opened a JISA for my son and later found out his mum had been paying into a Trust for him.    I am looking into moving the Trust to the ISA.

Problem is in one year we will have exceeded the yearly allowance.

I hope once there is just a JISA it will be OK.