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CTF surprise

We know that some parents decide to keep this as a surprise for their child and have been saving over the years. Although this is a perfect gift for your child, to help with university or to help with apprenticeships, towards a new home or even a new car, don’t let the surprise be spoilt by someone else.

Since September 2020 children who received a Child Trust Fund (CTF) have turned 18 and are able to have access to their funds. As more and more children start turning 18, your child will probably start to have a good idea about their savings and CTFs as a whole.

If they haven’t heard about it already from other children and school friends, when your child receives their National Insurance Number from HMRC, shortly before their 16th birthday, they will be provided with some information about the CTF. This information directs them to talk to you – so we wanted to let you know that:

1. The surprise could be let out the bag before you tell them

2. We have some information that may help with your child’s questions - visit our Child Trust Fund Hub. This dedicated CTF webpage explains what will happen to their savings account when they turn 18 and the options they will have available. This includes the choice to make further contributions into an ISA, access the money, or a mixture of the two.

Talking to your child about finance can be a tricky topic of conversation however your child may be receiving a fairly large sum on their 18th birthday, and it is very important to discuss their options with them.

As their parents you are their 'go to' for help and advice – hopefully the information on our CTF Hub will help answer some of their questions.

As their birthday draws nearer, please ensure the information we hold is up to date, in order for all communication sent to your child is hassle-free for when they turn 18.

If you have any further queries and want to discuss their CTF, you can contact our Customer Services team or arrange a meeting with one of our Financial Advisers.

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