Advanced search

Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

How to transfer CTF to Junior ISA

(9 Posts)
tribpot Mon 02-Jan-17 13:34:04

I've been shopping around looking for a Junior ISA to replace my ds' CTF. I queried with Tesco via Twitter whether or not they accepted transfers in from CTFs. They said yes, but when I came to fill in the online application form, I had to declare that ds doesn't have a CTF. As he does, I could not proceed.

Today Tesco have told me they do not offer the facility to close the [CTF] account as part of the application process. You would need to go to a third party (either a bank or a company) that is able to close and extract funds from a CTF. I'm completely confused by this as I haven't read anything about some ISAs not offering a CTF closure process?

The obvious thing I guess is to transfer it from a CTF to a JISA with the current provider, and then move it at the start of the next financial year, but am I missing something? I've pointed out to Tesco that this is on their own community site.

Vixnixtrix1981 Tue 03-Jan-17 00:30:05

I transferred my son's ctf to the nationwide ISA. Can't remember how because I did so when I got the letter from ctf informing me there were changes (ie, they could access money at 13). I know it's possible to transfer but only if you have less than £4000 in the trust fund.

eightytwenty Tue 03-Jan-17 00:34:06

I've done it - will check Junior Isa provider's name. It was quite straightforward. Suspect the issue is that you're not allowed to have both.

tribpot Tue 03-Jan-17 07:16:51

Thanks both. Yes, I don't want to have both but I can't open the second whilst the first still exists, and I can only transfer the first into the second. Gargh.

tribpot Tue 03-Jan-17 12:10:55

Tesco have now further 'clarified':

CTFs can be transferred into Junior ISAs, but we require the CTF to be closed in order to facilitate the transfer. Closure of a CTF (and the extraction of the funds) is a service which we unfortunately are unable to provide.

I wonder what all this means! Well, I'm going to try my luck with Nationwide to see if they know how to do it.

tribpot Tue 03-Jan-17 12:31:42

Quick update for anyone else encountering this problem: it looks as if Nationwide can manage it.

MrsPnut Tue 03-Jan-17 12:33:44

The Halifax can too, we moved our daughter's as soon as it was possible.

toastymarshmallow Tue 03-Jan-17 12:40:13

So how do you get round the declaration on the application form then?

I need to change DD1s over, but the whole thing overwhelms me a bit. Is tesco the best that you have seen OP or do you bank with them already anyway?

tribpot Tue 03-Jan-17 12:45:57

I think the Tesco declaration is 'correct', in that that's what they mean. You cannot transfer in a CTF and therefore you mustn't have one if you want to apply.

Nationwide, on the other hand, appear to be able to transfer in a CTF so perhaps this is just a quirk of Tesco? I certainly won't be declaring that ds doesn't have a CTF when he does.

I chose Tesco because Moneysavingexpert recommends three banks for cash ISAs, Coventry, Tesco and Nationwide. Coventry has the best rate but doesn't allow online management, Tesco and Nationwide are the same. I already have various financial products with Tesco so thought I would go with them - but not after this shenanigan.

Join the discussion

Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Register now »

Already registered? Log in with: