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.