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Original poster

Getting rid of Child Trust Fund in favour of ISA - advice please

13 replies

reddaisy · 24/03/2015 13:40

DD, 6, has got the Child Trust Fund with £250 in it, I hate it because I have to do everything by correspondence and would prefer to close it next month when I believe the rules change so that I can open an ISA for her.

Is anyone else planning to do the same? Do I just contact Legal and General and ask them to close the account and then will I be free to open an ISA with Nationwide as I intend?

OP posts:
Babelange · 24/03/2015 20:29

Hi I am definitely going to look into this too. There are (were?) other CTF products and you could transfer them across quite easily; I transferred to a new CTF provider and as you couldn't have more than one product open, the other was closed automatically (one assumes). Watching with interest. I opened a Child ISA for other DC online and that was relatively easy.

Original poster
reddaisy · 24/03/2015 22:16

Hi Babelange, I think we should have been allowed to move the money when they stopped the scheme, particularly as I haven't been allowed to open an ISA for DD as a result.

OP posts:
Groovee · 25/03/2015 15:55

I'd be interested in this too as it was backdated which meant Ds got one but dd doesn't have one. I wanted to opt out, but would consider moving it as I haven't made a huge investment with it at all.

WastingMyYoungYears · 25/03/2015 19:02

I'm going to move DS's mahoosive £50 to a child ISA as soon as I can Smile. Does anyone know what interest rates are likely to be available? His current account is 3% IIRC.

Original poster
reddaisy · 27/03/2015 20:22

No idea Wasting but I have always been under the impression that an ISA is the way to go for steady saving but I could be totally wrong. Let's keep each other posted with progress, one of us is going to get round to doing this next month!

OP posts:
Katz · 27/03/2015 20:24

I didn't think you could, I thought child ISA were for those who couldn't have trust fund accounts

WastingMyYoungYears · 27/03/2015 21:49

Katz, its going to become possible next month Smile.

TheHoundsBitch · 27/03/2015 21:55

I think there's a guide on money saving expert, I am planning to do the same with DS's CTF.

Katz · 28/03/2015 20:27

Ah, will have to look into it.

Longdistance · 28/03/2015 20:37

My dd1 has here her ctf in F&C, and we set up a fund for dd2 with them too. They have a graphite fund. My Dh is a bit of a whizz with this sort of thing, so looks deeply into future prospects etc. their funds have grown quite well.

Dd1 has approx £1,500 in her account more than me she's 5. So it's grown well. Dd2 has about £900, she's 3.5yrs.

morethanpotatoprints · 28/03/2015 20:43

I didn't add to dds as I don't like stocks and shares savings tbh.
I asked if it could be transferred to an ISA but they said only stocks and share ISA, so I left it where it is and it will stay at the £250, it doesn't seem fair as now dd can't have a normal ISA

caroldecker · 28/03/2015 21:11

morethan you can move into a cash jubior isa

Norrsken · 29/03/2015 08:05

How can I compare my current Child Trust Funds return with and ISA? We're with Family Investments, I downloaded the DCs statement but they do not show an AER return?

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