Child Trust Fund - Help to buy ISA

[Minicooper]

Just wondering if we have any financial advisers on here...

My DS16 has a child trust fund that was automatically opened for him under the goverment scheme. As he is 16 I want to get a Help to buy Isa opened before the scheme closes at the end of the month. I'm just wondering if he can have both accounts or will I need to transfer the child trust fund to the USA.

Thanks

[scoobydooby]

Go to the Martin Lewis page. I am opening two of these for my kids this weekend before the deadline and he answers all these kinds of queries. I didn’t pay attention to that one as I’ll have cashed both their Trust Funds (one already the other tomorrow!) My mum put me into these Id never heard of them. 25% free Government money is too good to miss though. I will be putting the £200 a month in until they have graduated.

[BevS97]

Do they have to cash them in at 16? My dd just turned 16. I forgot all about it.

[scoobydooby]

I cashed my sons Trust Fund policy in at 18 not 16 and am about tondo the same for daughters at 18.

[Jakey Neverland]

I transferred my childrens trust funds into ISA's last year. With the economy being so unpredictable I thought it was the best option for Interest.

Do you have to be 16 for the help to buy ISA's?

[Jakey Neverland]

Just had a read and seen 16 so mine are too young.

[Lisalimetree]

Child trust fund & JISA can not be accessed till 18 and it goes straight to the child.

Help to buy isa can be opened from the age of 16 and closes on 30 Nov so you can open with £1 and it gives the child 10 years to save into it.

Min needed saved to get the bonus is £1600

It must be the child who opens the account not the parent.

So yes they can have both

I work in banking so ask away any questions you have.

[Floridatilly]

Originally Posted by scoobydooby

Go to the Martin Lewis page. I am opening two of these for my kids this weekend before the deadline and he answers all these kinds of queries. I didn’t pay attention to that one as I’ll have cashed both their Trust Funds (one already the other tomorrow!) My mum put me into these Id never heard of them. 25% free Government money is too good to miss though. I will be putting the £200 a month in until they have graduated.

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I thought they could not cash the trust fund until they are 18 ?

[Floridatilly]

Originally Posted by Lisalimetree

Child trust fund & JISA can not be accessed till 18 and it goes straight to the child.

Help to buy isa can be opened from the age of 16 and closes on 30 Nov so you can open with £1 and it gives the child 10 years to save into it.

Min needed saved to get the bonus is £1600

It must be the child who opens the account not the parent.

So yes they can have both

I work in banking so ask away any questions you have.

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Can you open one online or do you need to go into the bank?
We bank with Nationwide, I am assuming that’s ok?

[princessgem]

Originally Posted by Floridatilly

Can you open one online or do you need to go into the bank?
We bank with Nationwide, I am assuming that’s ok?

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Online opening is easier! Either through mobile app or web browser