Child trust fund question.

[ihatethecold]

Can we cash them in and move to maybe an ISA.
WE HAVE 4 of them that have been going from between 14 and 11 years.

Am I right in thinking that by next April I will be able to change them?

Hopeful bump

Ye, from April you can switch it to a junior ISA, but that is not cashing it in - it's switching to another, similar product. It's worth understanding what you hope to get from the move before you do your research - you don't say what the problem is...

Useful info

Don't really have a problem, just realised that we are paying into something that isnt really performing very well over the past 11 years and we would prefer to stop paying into it.
We wont have a problem with giving the kids a lump sum when they are older.
Do you know if we can just stop paying into it and retain it?

Yes, you're under no obligation to keep paying into it.

If it's underperforming then presumably it's an investment ( I would say underperformance is a serious problem in an investment!). You could switch it to a cash CTF now, or wait till April and switch it to a cash junior ISA, or wait till April and switch it to an investment junior ISA. Or leave it where it is, if the investment strategy means it may improve in the future and if management charges are acceptable.

Probably, when the market opens up to switchers, there will be some OK products as more people like you will be looking to switch.

Thanks

Hey,
What's the best kids saving account (want to open one for Betsi who is 3 weeks old), their are a lot and it's confusing.

Thanks in advance
Nicola :)