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transfering child trust fund to junior isa

(3 Posts)
kayleighnotts Tue 07-Mar-17 11:12:15

It's in the title really, my son has it with natwest, was the process easy? i know ctf doesn't affect benefits so does junior isa not affect them either?

FurbysMakeSexNoises Tue 07-Mar-17 17:58:52

I can't answer about benefits but I did transfer our children's CTFs to JISAs with Hargreaves Lansdown and it was very simple. We don't plan to top them up as I don't want the kids to have access aged 18 and have separate savings for that.

Babyroobs Tue 07-Mar-17 21:21:35

I think it's fairly easy to do. Because my dh had a Halifax ISA, he opened junior ISA's for my eldest 2 boys who never had ctf's. He was going to transfer my youngest 2 kids ctf's to the Halifax JISA too but then the good interest rate on the JISA's ended and the new rate wasn't much better than what the CTF's are paying so we just left them where they are. Another problem we did come up against was that my dh was the one with the adult ISA to which the eldest 2 kids JISA's are linked but the youngest 2kids CTF's ( with Nationwide) are under my name so I would have had to get them switched to dh's name first then switch to a JISA. Nationwide were meant to send us the form to do this but never did despite us asking again and again and we just left it in the end.
We were getting a really good interest rate on the JISA's a few years ago ( something like 6%) because dh had the Halifax adult ISA but it was only for a set time and has now gone down to 3% I think.
As for JISA's affecting benefits, they don't at present and under Universal credit I don't think childrens accounts will count towards capital. I could be wrong though.

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