OneFamily has announced a deal with interactive investor that will see the Brighton-based mutual welcoming The Share Centre’s 83,000 stakeholder child trust fund customers to its books.
The transfer of accounts, which will come into effect on 8 May 2021, follows interactive investor’s acquisition of The Share Centre’s business in July last year. Interactive investor does not offer child trust funds and sought a provider to take on this area of the business.
OneFamily is one of the UK’s biggest child trust fund providers with 1.6m accounts, which equates to around 25% of the market; making it an expert in this field. It is a provider that has taken over the management of child trust funds from many other financial companies.
Paul Bridgwater, OneFamily’s Head of Investments said:
We’re pleased to welcome our new child trust fund savers from interactive investor. We’re here to support them for the long-term as they plan for their futures. So, when their child trust funds reach maturity at age 18, we can help them to build on their good savings habits with our climate friendly ISA and Lifetime ISA accounts that invest in companies committed to reducing their impact on the environment.
Saving money is going to be more important than ever for this generation and we’ll be with them every step of the way as they move towards adulthood and financial independence.
Richard Wilson, CEO of interactive investor, said:
We believe these stakeholder accounts are best served by a specialist provider and we have taken care to find a good home for them.
The transfer will allow us to focus on enhancing our core offerings, building on the best-in-class customer experience, unrivalled value and wealth of impartial information for which we are known.
OneFamily’s new stocks and shares-based ISAs and Lifetime ISAs invest in forward-thinking, climate-friendly companies who are committed to reducing their impact on the environment. To find out more about OneFamily ISAs, visit: onefamily.com/isa and onefamily.com/lifetime-isa/.
Notes to Editors
From 8 May 2021, OneFamily’s Terms and Conditions will apply and customers’ investment will be in the L&G (N) Tracker Trust, which closely follows the same index as the customers’ existing fund with The Share Centre. The total ongoing charge of 1.5% will not change.