Are all kids able to access an ISA now (even those that had/have Child Trust Funds)?
Are all kids able to access an ISA now (even those that had/have Child Trust Funds)?
Not 100%, but have a feeling that those children who received CTF's couldn't invest in an ISA?Originally Posted by Tahiti
I think that you'll soon be able to transfer CTF accounts into JISAs. But the main thing is that both of these methods give the control to the child when they turn 18 and that can be a bit risky! Something in your/your wife's name is a better bet as you keep control. If they don't behave liquidate the investment and buy yourselves a sports car! At least you'll have the option.
You may be right about the control piece.
It's a safety valve - if all goes well, they have some funds to get them started, help with a deposit, car etc. If not, you have an unexpected bonus in your name. Everyone wins.
What about putting that £200 each month into your mortgage? With the aim of being mortgage free much earlier and then being able to pass them money each month that would have gone into the (non-existent because you paid it off early) mortgage.
Saving for children is a strange one, psychologically people feel better if they have something set aside separate for the kids.
I personally think the best way is to consider the family finances as one combined thing until they have left the nest. Your money should always be in the best place regardless of the account type.
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