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Junior cash isa


Emma1988
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Im thinking of transferrig my daughters government child trust fund to a junior isa which also cannot be touched untill 18 years of age.

 

Will this not affect my benefits too?

 

Just want to double check as government website only says ctf wont affect benefits

doesnt mention about junior isas which work the same too.

 

I only claim housing benefit btw

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Any savings belonging to your child should not (normally) be taken in to consideration when claiming benefits. The advantage of Junior ISAs is that funds can not be withdrawn until the child reaches the age of 18.

 

With regular savings accounts, there is a temptation to "hide" money in the child's account and then use it to pay for day to day bills or even luxury items. With Junior ISAs, this can not happen, so the savings will be disregarded.

 

However, it is always worth covering your back, so make note of the ISA on any benefit application form and highlight the fact that no withdrawals can be made until her 18th birthday.

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