Karen Barrett, Chief Executive of unbiased.co.uk, comments on the announcement of transfers being allowed from Child Trust Funds to Junior ISAs

Karen Barrett, Chief Executive of unbiased.co.uk comments on the announcement of transfers being allowed from Child Trust Funds to Junior ISAs:

“Allowing the transfer of deposits from Child Trust Funds (CTFs) to Junior ISAs will be a huge boost for parents. It’s crucial that the route to saving for future generations remains clear and simple, establishing good financial habits from a young age. Those with CTFs have been stuck with low interest rates and rising account fees, unable to get the best rates for their money and for their children’s savings.  This year our Tax Action report showed as much as £1.3 million could be wasted in tax by people not making the most of Junior ISAs.  Transfers are voluntary so parents should ensure that from April 2015 they are prepared, either by seeking advice or by speaking to their current provider.  

“The amount that can be subscribed into a Junior ISA is currently £3,720, which can be divided in any way between cash and stocks & shares.  It’s important to ensure savings pots are regularly reviewed, particularly if you are investing in stocks and shares. Our latest research shows that only a third of consumers feel confident about sorting out a stocks and shares ISA. Those who are unsure about their savings and investment decisions could benefit from speaking to a whole of market financial adviser. They will be able to look at your current savings and investments to ensure long-term savings objectives are being met and a financial plan is in place to help you protect your financial future.

“To find a local adviser near to you go onto www.unbiased.co.uk and carry out a free and confidential search by entering your postcode or take a look at our checklist which has helpful tips and questions to ask when finding an adviser.”

ENDS

Notes to editors:

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