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Child Trust Fund Maturity

When you were younger, an account was set up in your name to help you on the road to financial independence. There are now some decisions to be made and whilst it’s completely up to you what you do next, we might be able to help with the next steps.

We’ve been helping people save since 1853 so we’re in a good place to help you make decisions that are right for you and your money. On this page you'll find some helpful information about Child Trust Funds (CTFs) and some of the options available to you. When you're ready to take the next step, we’re here.

What is a Child Trust Fund?

Child Trust Funds were tax-free savings accounts introduced by the Government in 2005. They were available to children born in the UK between 01 September 2002 and 02 January 2011 as a way of making sure the account holder – that’s you - had some savings when they turned 18. The government made an initial contribution in the form of a monetary voucher which your parent / guardian deposited into your account for you to start your savings journey.

With a CTF, the money is managed by a ‘registered contact’ until you reach the age of 18, unless we are instructed otherwise.

What can I do if I'm not 18 yet?

You won't be able to withdraw money from your Child Trust Fund until the account matures on your 18th birthday. At that point your money will transfer into an Individual Savings Account (ISA). We'll contact you shortly before your 18th birthday with more information about your new account.

Your maturity options – once you turn 18

Your Child Trust Fund matures on your 18th birthday and the funds will transfer into an Individual Savings Account (ISA). Only you will be authorised to operate your new account and it's up to you what happens next. Here’s a little bit of information on some of the options available to you.

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I want to save more money

If you want to keep saving and get ready for some of the expensive new chapters that might be heading your way – higher education, your first home, marriage – we could help you choose an account from our range that’s right for you. For example, if you have getting on the property ladder on your mind and you want to boost your savings, you might choose to move some of your money into a Lifetime ISA.

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I want to take my money out

If you want to withdraw the money, that’s completely up to you, but it’s worth knowing that under HMRC rules you can’t make a partial withdrawal, you must withdraw all the money and close your new ISA. It might be worth speaking to our savings specialists first so you can be more confident in the steps you’re taking. Get in touch for a helpful conversation and we can explain how you can close your account, move your money and keep saving tax-free.

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What happens if I’m not ready to make a decision?

Where we haven’t received an instruction on what to do at maturity, the money moves into a CTF Matured Cash ISA. You won’t be able to pay any more money into the account or make partial withdrawals, but your savings interest will remain tax-free while you decide what you want to do next.

To let us know what you’d like us to do with your savings or talk through some of your options, please contact our friendly team.

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Frequently Asked Questions

If you want someone else to discuss or operate the account with us after you turn 18, you need to send us the following:

  • A signed letter of authority including your address and account number, and the third party’s full name, date of birth, relationship to you and their contact number.
  • A form of ID with your address and signature on it. We will only accept either your passport or driver’s license (full or provisional).

We won't be able to speak to anyone about your account, including the Registered Contact who operated the account for you before you were 18, unless you authorise them.

You will still be able to close the account by requesting a cheque, which we will send to your registered address, to do this we may need you to provide proof of your identity. Call us on 0345 850 1722.

You can check which provider your Child Trust Fund is held with on the government website. You'll need to set up a Government Gateway account if you don't already have one.

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