Child trust fund accounts will be available for the first time next week as the earliest account recipients will start hitting 18. HMRC detail that from September 1 2020, around 55,000 accounts each month will mature and they have created an online tool to help people track down where their money may be.

The parents or guardians of children who open Junior ISAs will have responsibility for managing the account but the money ultimately belongs to the child.

The child can take control of these accounts when they turn 16 but they cannot withdraw funds until they turn 18.

Just as with other ISA accounts, Junior ISAs can be opened with a wide range of banks, building societies, credit unions, friendly societies and stock brokers.

Each kind of institution will have different methods for opening accounts however and as such, they will need to be contacted directly to get more information.

When the child turns 18 their Junior ISA will automatically become an adult ISA.

From the age of 18, a person will be able to open certain ISA accounts for the first time which includes adult stocks and shares ISAs, Lifetime ISAs and innovative finance ISAs.

There are few limitations on who can open these kinds of accounts but the holders must be either:

  • A resident in the UK
  • A Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner if they do not live in the UK



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