The Junior ISA was created to replace the Child Trust Fund and if your child currently has a trust fund in place then you will not be able to open a Junior ISA in their name as well. Whilst Child Trust Funds have now stopped, if you have one you can still keep it going and pay money into it.

A Child Trust Fund (CTF) is a long-term tax efficient savings account for children. The UK government introduced the Child Trust Fund scheme with the aim of ensuring every child has savings at the age of 18. All eligible children born between September 2002 and 2nd January 2011 received an initial subscription from the government in the form of a voucher for at least £250 to save in a CTF.

The annual deposit limit of the Child Trust Fund has also been increased £9,000 per year in line with the new Junior ISA Account.

The Children’s ISA does not currently offer a Child Trust Fund, however you can now transfer your Child Trust Fund to a Junior ISA by completing the Children’s ISA application form and Child Trust Fund Transfer form download here>>

Once we have received your completed form it will take roughly 2 weeks for us to contact the CTF provider and request the money be transferred into the Junior ISA account.

To find out where your child’s Child Trust Fund is held, visit the HMRC website.