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Has anyone had any joy transferring a child trust fund? And to whom did you transfer?
My mini-me's CTF is paying a paltry return now, but since the Junior ISA's were launched the availablity of CTF's has dried up, and CTF's arent allowed to be converted to Junior ISA's (Cheers Gideon).
I don't know about this, but I'd like to!
We have a similar problem with our eldest's trust fund - the woman at the bank on Saturday seemed to think there might be something brewing with regards to the switch to a junior cash ISA, but no one seems to know for sure.
If I'd known, I would have ignored the £250 from the government and sorted soemthing out on my own.
If anyone has had any joy, please let us know - I'd even give back the £250!
Leave the CTF as it is & stop paying into it and start a new Jnr ISA? Is that possible?
Woody- already decided to do that. Won't be paying any more money into it (although I don't think you can have both a CTF and a J-ISA.
I still want it paying a decent return (ha!) on what's in there. Inflation will decrease its value by the time she's able to get her grubby mitts on it.
There is pressure on the government to clean up the rules around this, maybe we'll hear more in gideons budget this month
> Leave the CTF as it is & stop paying into it and start a new Jnr ISA? Is that possible?
No I think the jnr ISA is only available to those born before CTF came in and after CTF finished. The whole business is a right old mess. Especially as many providers are now charging £25 per year fees. F&C is one. For many who never paid any extra in, it will probably mean there will be nothing left 🙁
My mini-me's CTF is paying a paltry return now
Learn from your previous mistake - avoid the financial industry and their useless products...
gaffertape is correct, if your child has a trust fund, they are barred from having a junior cash ISA.
We have stopped paying into the trust fund, and are currently looking for something better - the best bet is the junior cash ISA, but not allowed.
I'm going to do some research - if I get anywhere I'll let you know.
My mini-me's CTF is paying a paltry return now
Learn from your previous mistake - avoid the financial industry and their useless products...
Sage advice. Should I have not bothered with a mortgage, carried on renting?
And my final salary pension scheme, should I have not joined that either?
Edit: I have more disdain for the financial services industry than the average person. Burying your head in the Sand and stuffing pound notes under the mattress is not the answer however.
The CTF were also initiated by the government, not the FS industry
We are in this pickle too, with the added complication that our two boys, a mere 15 months apart, are entitled to different products, meaning we cannot utilise either with any sense of fairness. Their grandparents have generously given them £10k each, so our answer (with the grandparents blessing) is to open ISAs in our own names but note that they contain the boys money. This is no problem as we have not got the means to utilise our own ISA allowance anyway.
Barmy system eh v8ninety
Same sort of issue as v8 here too (though not quite such generous grandparents! 🙂 )
Might be heading down the same route as my dad is keen to invest the money in shares for them which we can't really do otherwise.
<Watches with interest>
I opened CTF's for both of my kids (against the wishes of MrsG) and set up a direct debit for a monthly payment; not a huge amount, just a few £'s a month.
According to the last statement, both accounts are currently worth less than has been paid in. Joy.
+1 for watching out for charges, as mentioned some are now charging up to £25 a year for managing the fund (not unusual in funds, but a bit off really in this case) pretty soon the initial £250 from the government will all go to bank/investment company in fees........now thats a new idea
Added to favourites - would be interested in any advice.
Currently with F&C with £2500 invested for first child; and promise of more (possibly £1200 PA) from grandparents. Thinking about switching the existing money to another CTF provider to avoid the fees (an extra 1% PA) and investing future money from the grandparents via a trust (like this [url= http://www.lawdonut.co.uk/law/personal-law/family-trusts-and-inheritance-tax/trusts-for-children-and-other-family-22-faqs ]http://www.lawdonut.co.uk/law/personal-law/family-trusts-and-inheritance-tax/trusts-for-children-and-other-family-22-faqs[/url] ) instead. Second child due shortly and (hopefully) similar sums available for this one.
For anyone interested, looks like things could change from today's budget
[url= http://www.thisismoney.co.uk/money/news/article-2296293/Budget-2013-Osborne-unlock-child-trust-funds-savers-want-Isa-rules-relaxed.html ]Here [/url]