Child Trust Fund Account Access

pope

My son was born in 2009. Back then the government had a thing about each child should have a Child Trust Fund Account. My son has a account with Nationwide building Society his name and my name on are on it. My son has special needs and is not able to make his own financial decisions he is currently 17 years old.

can someone please share what will happen when he turns 18 how would he be withdraw the money or will parents have to do it?

He has a speech delay but can say independently his self full name,address,D.O.B he can also write his full name.when asked his Bank may not understand what he is saying but I can support him.

I am also his DWP appointee for PIP/UC which goes into my account

full name

address

D.0.B

thanks

Brie

There was an article recently about the number of CTFs that hadn't been accessed and how there is the potential for them to be a target of scammers.

Child Trust Fund letters sent to thousands of young people

It's disturbing to read in this that some with special needs won't be able to access their fund without it costing more than the fund is worth. There are some more details here but I must admit I don't understand the complexity of it all. Hopefully someone else will be along that has more answers for you.

Government rejects Martin Lewis' call to do more to help 80,000 teens with special educational needs unlock Child Trust Fund cash

Have you considered asking the bank what they will require? I would ask them without mentioning what challenges your son might have at least initially.

pope

https://forums.moneysavingexpert.com/discussion/comment/81978060#Comment_81978060

No I have not asked Nationwide. But good idea to ask what they will require. Son has birth certificate/passport.

pramsay13

As far as I know the child trust fund reverts to a normal ISA when they turn 18 so there is no major hurry.

It will be in your son's name so they will need to access it themselves or if you have financial guardianship you will be able to.

I would speak to Nationwide and see what they require.

If you didn't add anything else it will just be the original £250 along with any interest accrued minus any charges.

pope

https://forums.moneysavingexpert.com/discussion/comment/81978164#Comment_81978164

When CTF reverts to a normal ISA does Nationwide inform us? Or do they just do everything in the background and send details of the ISA

I dont have a financial guardianship only DWP appointeeship.

pramsay13

I imagine it's all automatic and they will notify you by letter assuming details are the same but might be worth checking with them if you are keen to know.

What's your plan for your son's finances in adulthood anyway as it sounds as though you will need to sort that out going forward?

pope

https://forums.moneysavingexpert.com/discussion/comment/81978209#Comment_81978209

He wants to buy a guitar and go on holiday.

xylophone

https://www.nationwide.co.uk/savings/help/child-trust-funds-explained/

Here are the steps and what you need to do.

You will get a maturity ISA

Any savings in the Child Trust Fund will be moved into a CTF Maturity ISA with a lower interest rate.

This account is designed to be a temporary home for your child's savings until they decide what they would like to do with it.

Because of this, they will not be able to pay any more money into the account when it moves.

You will need to contact a Nationwide branch

Whatever your child decides to do with their money, they will need to call a Nationwide branch first. This is so we can let them know the next steps and whether they need to visit a branch. If they need to visit us, make sure they bring their National Insurance number and some ID, like a passport or driving licence.

They can do this anytime from the day they turn 18.

https://questions-statements.parliament.uk/written-questions/detail/2025-01-29/27357/

https://www.thisismoney.co.uk/money/saving/article-9274555/Why-wait-court-access-daughters-Child-Trust-Fund.html

sarahdoh

Hi everyone- this relates to Child Trust Fund discussions

My daughter is 23 years old, born in Basingstoke on 05/11/2002, and therefore entitled to a CTF. I was receiving Child Benefit for her and my other children when we moved to France in August 2003 and continued to receive it until approximately 2006 when I was advised by the UK Child Benefit dept to claim instead in France. We have been trying to claim her trust fund for the past few years but we have been told in writing from HMRC there was never one in place for her as I have never claimed Child Benefit for her (which is incorrect but apparently the computer records don’t go so far back as 2002) even though she fulfills the requirements. I would also like to point out that my daughter attended six form college and did 3 years at University in the UK and worked a couple of jobs during term time.
I was wondering if anyone else has reached a brick wall like we have or does anyone have any advice to offer or should we just give up?

Thanks

Sarah

sheramber

Was the child benefit claim definitely in your name. and not in your husband’s name?

what did you do with the voucher sent to open the child trust fund?

LITRG

Hello - our guidance may help: https://www.litrg.org.uk/savings-property/tax-savings-and-investments/child-trust-funds

The charity ‘Sharefound’ also provides assistance with locating child trust funds. https://www.sharefound.org/