Are you getting the best return on your child trust fund?
If you have a cash child trust fund account, should you transfer it for a better return?
There are around six million children with child trust fund accounts – the tax-free savings or investment account set up by the previous government. They were abolished in 2011 (although existing accounts can continue) and many providers have cut the interest rate they pay. But, you can get around 3% interest if you're prepared to transfer your CTF.
Which junior cash ISAs pay the highest rate of interest?
If you want the best junior cash ISA for your child, which accounts are worth looking at?
Junior ISAs were launched in November 2011 - the government's replacement for the child trust fund, which was abolished in January the same year. They work in a similar way to 'adult' cash ISAs, which means that interest is paid tax free. However, unlike an adult cash ISA, you have to leave money in the junior ISA until your child is 18 (although they can transfer it between providers). Which pay the best rates?
Children’s savings accounts paying the highest rate of interest
Where can you get the best return on your children’s savings if you don't want to save in a junior ISA or child trust fund?
If your child has some money from relatives or friends, where’s the best place to put the cash? They can save tax free in a junior ISA (or a child trust fund, if they were born between September 2002 and January 2011). But you don’t have to put your child’s money into a tax-free account to get the interest paid tax free (it sounds like a contradiction, but I’ll explain it in the article). Which savings accounts pay the highest interest?