If your child was born between 1st September 2002 and 2nd January 2011, it is likely they were set up a Child Trust Fund through the government voucher scheme when they were born. New CTFs were abolished in 2011 but many remain in existence often in stakeholder funds charging 1.5% per annum, significantly higher than our JISA, Beanstalk. Which means that switching to Beanstalk could save you £100+* in fees, so more money for your child!
We’ve created a CTF calculator, which will help you work out how much and if you could save by switching your child’s account.
If you’re unsure whether your child has a CTF or you know they do but have no idea how to find it then check out our locating a missing CTF article.
Finally, if you’d just like more information into child savings and JISAs in general, we’ve put together an Introduction to JISAs Guide to help explain what a JISA is, the different types available and more.
Beanstalk will take care of the switching process for you if you do decide to transfer your CTF, making it simple to do. If you would like more information on switching then check out our transferring a Child Trust Fund or Junior ISA article.
Please note: Capital at risk. As with any investment the value can go down as well as up.
*A 13 year old with £2500 in a stakeholder CTF charging 1.5% would save ~£115 in fees over the remaining life of the account.