In the interim period whilst Child Trust Funds are still frozen without the option to transfer to the new Junior ISA scheme parents may start to wonder what actually happened to that old child trust fund? At one time they received a statement, before they moved house or life just got busier!
Some accounts were actually allocated to a provider on behalf of the parents so you might not have even chosen the company or options applicable to your child savings.
We recommend that as CTF legislation gears up for a change, parents get their ducks in a row by digging out any paperwork and look at where their money is invested, the past performance, company history etc. Some providers will offer a Junior ISA in addition to their CTF offering whilst others may have decided to scale down operations and not offer new products to any customers, in which case you want to look at the Junior ISA on offer to ensure that you are getting the best option available for your Child savings.
Give your account a health check by finding out more from your current provider. If you are unsure where your Child Trust Fund account is held you can complete a form on the HMRC website which will assist you in locating your Child’s Trust Fund: http://www.hmrc.gov.uk/tools/childtrustfundclaim/ctfaccount.htm
Also, keep up to date with all the CTF/JISA legislation news by registering your interest through our dedicated website: www.transferchildtrustfund.co.uk