If you're 18 years old or over, you can access the money in your Child Trust Fund account. It's your money, and it's up to you what you do with it. One option to consider is to continue saving your money. This could be by, for example, transferring your money into an adult savings account or an adult ISA.
Can I take money out of my child's trust fund?
At 16 years, a child can choose to operate their CTF account or have their parent or guardian continue to look after it, but they cannot withdraw the funds. At 18 years of age, the CTF account matures and the child is able to withdraw money from the fund or move it to a different savings account.7 Sept 2021
What can I do with a trust fund?
A trust fund is an independent legal entity that holds assets and property for the benefit of people or organizations. They are often used in estate planning to hold money, investments, businesses, property, and other types of assets.13 Oct 2021
Can you take money out of Child Trust Fund before 18?
CTFs in a nutshell Child Trust Funds can be invested in cash or in stocks and shares (the CTFs we provide). From the age of 16 you can take control of your Child Trust Fund, but you don't have to do this, your parents or guardians can continue to look after your Child Trust Fund on your behalf until your 18th birthday.
Can parents access Child Trust Fund?
If you're turning 18 from 1 September 2020, you can access and withdraw the money in your CTF account. If you're age 16 or 17 you can take over responsibility for your CTF account from your parent or guardian, or you can choose to let them continue to manage it on your behalf.
When can I take control of my Child Trust Fund?
Ready to take over your Child Trust Fund? If you're over 16 you can register to take control of your Child Trust Fund (CTF). When you turn 18 you will be able to tell us via your online account what you want to do with the money.
Can you access your trust fund before 18?
Millions of teenagers are set to benefit for the first time from money in Child Trust Funds ( CTFs ) that has been waiting for them since they were young children. From 1 September 2020, the oldest children will turn 18 and be able to access their money.19 Aug 2020
Can you cash in a Child Trust Fund early?
The Child Trust Fund is a long-term savings and investment account. It belongs to the child and is opened with a starting payment from the Government. Generally money cannot be withdrawn from the account until the child is 18.
When can you withdraw money from Child Trust Fund?