Your child’s child trust fund will mature when they turn 18. Find out what happens next, how they can access their money and how they could keep up the savings habit.
I get it. Being a parent is full on. We’re juggling jobs, chores, and, of course, parenting in a digital world.
So it’s easy to lose sight of distant things like the impending maturity of child trust funds. But, before we know it, our children are turning 18 and there’s a whole world of new things to deal with – not least, what to do with the money in their child trust fund.
Create an online account
If your child hasn't yet turned 18, you can create an online account to manage their Child Trust Fund (CTF). This'll allow you to check your personal details and how much money they have in their CTF.
If they've turned 18 they can create their own online account.
Either you, or your child if they've turned 18, simply need to click the button below to get started.
Helping your child manage their child trust fund when they turn 18
I know that when my children turned 18, I had a lot of questions about what happened next, so I’ve gathered some of the common questions here to help take the mystery out of child trust fund maturity.
My child doesn’t have the mental capacity to take over their child trust fund, what can I do?
We've been campaigning for a change to the rules that currently require families to go through the complex and sometimes costly Court of Protection route to access their child's savings. So we've been working with parents and have put in place a process that will help them.
The first thing to do is to give us a call on 0344 8 920 920 so we can talk through your situation and look at your options for getting access on your teen's behalf.
During this process we’ll need to see a copy of an official letter or document showing your teen is unable to make financial decisions for themselves. You may already have a letter that shows this - we can let you know what we can accept when you call.
Can I access information about the child trust fund after my child has taken over the account?
Once a teen has taken over their child trust fund, as parents we’re no longer able to access the account, which includes access to their online records. Only the teen will have access to that information.
But the opportunity to save or invest for the future doesn’t end with the child trust fund, whether that's for you, your teen or even another child. We offer a wide range of products for both adults and children that you may be interested in now that your teen’s child trust fund is maturing.
Can the money in a child trust fund be paid to me or someone else?
As parents, we aren’t allowed to receive the money on their behalf. OneFamily is only allowed to pay the proceeds of a child trust fund to the teen who is named on the account.
This can either be by cheque or directly into their bank account.
We’ll get in touch about how this will work as they approach 18.
What do I need to do if my child has changed their name, gender or title?
We understand how important it is to use people’s preferred names, titles and pronouns. So, if your child has changed any of these, we can help. We’ll just need to see some evidence of the name change.
It would also help to know their preferred title or pronoun so we can change the way we communicate with them.
Can I pay into a child trust fund after the account has matured?
It isn't possible to pay into a matured child trust fund.
However if your child chooses to move some of their matured CTF into our Stocks and Shares ISA to save for their future, or into our Lifetime ISA to buy their first home, you'll be able to pay into these. This way you can carry on helping them build the future they want.
You can find out more about about their options once their CTF matures in our next steps article.
How can I stay up to date with the account?
If you're the Registered Contact for the child trust fund, you can check the balance via your online account. Simply log in, or register if you haven't created an account yet.
Once your teen turns 16, they have the option of taking over as Registered Contact, which will mean you can no longer see the child trust fund. This will happen automatically when they turn 18.
If you're still the Registered Contact, we'll be in touch with you as your teen's 18th birthday approaches. If they've taken over, we'll contact your teen directly.
That’s why it’s important that we hold your current address, phone number and email address. So, if you’ve moved and lost touch with us, it would be a good idea to make sure we have your latest contact information as soon as possible.
Finding your child's child trust fund
If you're not sure where their child trust fund is, or if they even have one, don't panic.
Keeping reading to find the information you need.
I’m not sure who holds my child’s child trust fund, what can I do?
Don’t worry, you’re not alone!
In fact, there are estimated to be over 750,000 lost child trust funds out there. If your child’s account isn’t held by us, it’s relatively easy to find out who looks after it by using our Find a Child Trust Fund tool.
My child was eligible for a child trust fund, but I didn’t open one for them. How can I find out if they have one?
If your child was born between 1 September 2002 and 2 January 2011 and is a UK citizen, the chances are, they have a child trust fund.
That’s because if an account wasn’t opened within a year, the government opened one on the child’s behalf. These are called ‘Revenue Allocated Accounts’ and you can find out where your child’s account is by following this guide.
Create your online account
Create your online account to manage your child's CTF until it matures.
Still got a question?
Our friendly support team are available from 9am - 5:30pm Monday to Friday.
