Just wondering what people are doing with the CTFs they have for their kids born about 5-10 years ago - I reckon I'll transfer Nem Jnr's to a junior ISA but is there anything to consider when switching it? Will it could towards the allowance for this year or next years?
Classifieds? Muppet. Mod, can you move this?
Reported, muppet 🙂
Done 😉
I'll switch mine, shouldn't count as part of annual ISA amounts should it?
Thanks 🙂
I don't think it's part of the allowance since it's already 'locked in'. Can we switch now or is it in 2015/16?
http://www.theguardian.com/money/2015/feb/23/countdown-move-childs-savings-into-isa
April 6th apparently which I think is the next tax year.
Aberdeen World Equity. Up about 30% in value since we took it out 3 years ago.
Although my financial advisor (grandma) is telling me it might be time to shift it.
Both my kids have these.
Am I missing something. If my kids are nowehere near the age to cash them in is there any reason to do 'anything' with them?
Its worked out quite well for us so far. Both on target to have their university costs for 3 yrs covered each or have a hell of a year travelling and snorting coke
Question is genuine, why do they need messed with?
Should get a better return with the right unit trust ISAs IMO.
CTFs are generally paying crap rates (or have high fees) because there's no competion in the market now they've been discontinued. As such you're better off moving the money to a Junior ISA of some form.
Hmmm, read the link. So is it transferring the money from an interest based return to an investment in shares type thingy?
If so I think I will leave it as savings rather than investment
No, ISAs can be cash (savings with an interest rate) or shares so you can choose.
Ah right. Take it there is still a benefit to moving for the cash ISA version then.
The sneaky buggers for not telling
We stuck our kids' vouchers into tracker CTFs and have just left them there haemorrhaging money, while not paying in anything extra. I assume we should move them?
Yes - have a look at my link it explains it but in short there's no point leaving money in a CTF - transfer it to a cash ISA with a competitive rate.
Where do I send the payment for financial advice? Thank you for the info.
I thought you couldn't move the money out of CTF's into kiddie ISA's? I distinctly remember behind pissed off about this when I read about it on MSE about 18months ago.
That's what's changing on 6th April. You're right that you couldn't previously.
Aha! Glad I opened the thread then 🙂
Just a follow up, the CTF to ISA thing is expected in the next financial year but apparently hasn't been formalised yet. As such you can't transfer money out of a CTF to an ISA now or next year (eg from 6th April) until it's announced.