CTV v JISA

[justalittlelemondrizzle]

I have an appointment tomorrow at the bank to open and convert our dd's ctf's to a sparkly Jisa. My question is, is it worth it. They both only have about £600 in the ctf's but they have another savings account with alot more. I was going to merge the two and have just one account. But then I have relinquished the money forever and I won't ever be able to do anything else with it investment wise. Oh the decisions! Anyone have any financial pearls of wisdom they'd like to share?

All depends on how the current ctf is performing, which is really the only reason why you should transfer it.

A child can earn up to something like 10k before they start paying tax, so i would kept both the ctf/jisa and the savings account. As the ctf are more like a gift for them to use when their 18 and the savings account is more about them growing up now.

Junior ISA and ctf are the same really, except when the ctf was launched it had a government voucher when it was opened and another one when they were 7 which has obviously been dropped now. You can transfer your ctf to another ctf provider, and the same with a jisa to another jisa provider. But i would probably look at something long term for them like investing in it in stocks and shares especially as the market is low .

Just my thoughts though