Stocks and shares ISA transfer live overseas

Buspasser

Hello everyone I’m new so please forgive me if I make any errors. My child has an old child trust fund in cash and I have a cash ISA returning a very poor rate. Is anyone aware of a stocks and shares ISA that we can transfer to? I have a stocks and share ISA I could maybe transfer mine into but can’t find anywhere for the kid. Thank you.

Ch1ll1Phlakes

The Child Trust Fund would need transferred to a Junior ISA and if your looking to invest, a stocks and shares Junior ISA at that.

Here's a link to Financial Interest which gives a comparison tool to help you choose a Junior Stocks & Shares ISA
Compare Junior Stocks & Shares ISAs with our free tool

EDIT: Noticed your living overseas, transfers should still be possible even if you aren't currently classified as a UK resident however your options may be limited as certain providers may not offer accounts to those overseas.

Buspasser

Thank you the issue is I can’t find anyone who will accept a transfer when the kid lives overseas!

eskbanker

Junior ISAs can only be opened for children living in the UK.

Ch1ll1Phlakes

eskbanker said:

Junior ISAs can only be opened for children living in the UK.

Thanks wasn't sure if they could or not. Thought a transfer might be possible though.

Don't want to confuse this but this is from the government ISA bulletin 65. Note the last paragraph. Also this is from 2015 so rules may have changed since then.

Buspasser

eskbanker said:

Junior ISAs can only be opened for children living in the UK.

Thanks that is unless they have a CTF you are transferring out of but I can’t find anyone to accept the transaction. I have phoned a few people to ask and to be fair that has never been the reason they have given.

dunstonh

Its also worth noting that the ISA is only tax free in the UK.  Your country of residence may tax them.

eskbanker

Buspasser said:

eskbanker said:

Junior ISAs can only be opened for children living in the UK.

Thanks that is unless they have a CTF you are transferring out of but I can’t find anyone to accept the transaction. I have phoned a few people to ask and to be fair that has never been the reason they have given.

Sorry, yes, you're right:

A CTF may be transferred even if - at the time that the transfer is made - the child would not be eligible for a JISA, for example because they are no longer resident in the UK.

https://www.gov.uk/guidance/transfer-of-a-child-trust-fund-or-junior-isa-if-youre-an-isa-manager#transfer-of-a-ctf-to-a-jisa

xylophone

I wonder would Coventry BS or NS&I  accept the transfer?

Buspasser

Thank you NS&I are a no I can try Coventry

Buspasser

eskbanker said:

Junior ISAs can only be opened for children living in the UK.

I can’t reply to your later comment because it contains a link but I wrote this

No worries at all I only just discovered that you can a few weeks ago and have done some pretty intensive googling since then to see where we can move it too. The question came up on here a few times years ago but I can’t see that anyone found anywhere to move to. Have tried the ISA helpline (I wanted to confirm and had a few more questions for them) but gave up at the 55 minute wait. It does make sense that you can transfer otherwise you potentially trap people in underperforming accounts!