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More Calls for Transfer of CTF’s to Junior ISA’s

There have been fresh calls for the Government to consider allowing children who hold Child Trust Fund (CTF) accounts to be allowed to transfer their plan to a Junior ISA (JISA). However, since the introduction of Junior ISA’s in November 2011, the Government has repeatedly dismissed the option of allowing parents of children who hold CTF’s to transfer them to a JISA.

The main reason there have been repeated questions on this issue passed to the Government is that many believe that JISA’s perform better than CTF’s, and subsequently those with the latter are missing out.

However Saltydog Investor has launched a new campaign involving an e-petition which they hope will grab the attention of the Government. The petition is named, “Abolish the uncompetitive and inadequate Child Trust Fund and allow immediate transfers to Junior ISA’s during the transition period”

Managing Director of Saltydog, Richard Webb, said: “We have started a campaign to get the inequitable CTF schemes merged across the new Junior ISA scheme, so that they can actually trade without having returns unfairly hit hard by management charges and trading costs, or poor uncompetitive savings rates”.

Saltydog hope that the petition will make it easier for parents who wish to transfer their children’s CTF to a Junior ISA to voice their opinions to the Government, with the aim of bringing out a Parliamentary debate on the issue.

Junior ISA’s have now been on sale since November 2011, and can be opened by any parent of a child aged from birth to 16, provided they were born outside the dates of 1 September 2002 and 3 January 2011. Those born within those dates will have been issued with a CTF.

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