Plans to allow "zombie" child trust funds (CTFs) to be switched to Junior ISAs could see savers £7,500 better off.
Chancellor George Osborne announced a consultation into allowing CTFs to be transferred to Junior ISAs during his fourth Budget statement today. The move is expected to unlock £4.8bn in CTFs CTFs have been suffering from limited choice and higher charges on investments, as well as lower rates for cash savings for more than two years now. The situation has been getting worse, with a number of providers raising fees in recent months, according to Darius McDermott, managing director of Chelsea Financial Services. "Over the course of 18 years, the initial charge on investment CTFs alone c...
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