How To Access Child Trust Fund At 18

There are ways on how to access child trust fund at 18 easily but if you are younger than 18, you will need to wait until your 18th birthday to access the money in your account.

When accessing the money in your child trust fund account, you can choose to withdraw the money to your bank account, transfer it to another savings account or ISA, or use it to pay for certain approved expenses.

It’s important to know that you cannot use the money to gamble or buy alcohol or tobacco. You also cannot use the money to pay for school fees if you are already receiving free school meals. ( Must Read: NatWest child trust fund ).

How To Access Child Trust Fund At 18?

How To Access Child Trust Fund At 18
How To Access Child Trust Fund At 18

Here are the ways you can choose to access your child trust fund (CTF) at 18:

1. Contact Your Child Trust Fund Provider

You can find out who your CTF provider is by using the HMRC Child Trust Fund locator tool.

When you contact your Child Trust Fund provider, you will need to provide them with the following information:

  • Your child’s National Insurance number
  • Your child’s date of birth
  • Your own name and address
  • Your contact details (phone number and email address)
  • Proof of your identity (passport, driving licence, or birth certificate)

Once you have contacted your provider, they will be able to help you access your money.

2. Log Into Your Online Account.

If you have an online account for your Child Trust Fund, you can log in and withdraw the money yourself. You will need to have your National Insurance number and date of birth to log in.

3. Request A Cheque.

You can request a cheque from your CTF provider and send it to your bank account. You will need to provide your bank account details when you request the cheque.

Here are the steps on how to request a cheque from your bank:

You can usually do this by phone, email, or post. When you contact your child trust fund provider, you will need to provide the following information:

  • Your child’s name
  • Your child’s National Insurance number
  • Your child’s date of birth
  • Your name
  • Your address
  • Your bank account details

Your Child Trust Fund provider will then send you a cheque for the full amount of money in your CTF account. The cheque will be made payable to you.

Here are some additional things to keep in mind when requesting a cheque to withdraw your CTF:

  • You will need to pay tax on any interest or profits you earn on your CTF money. The amount of tax you pay will depend on your income and other circumstances.
  • You may be charged a fee by your CTF provider for issuing a cheque.
  • The cheque may take a few days to arrive in the post.

4. Transfer The Money To Another Account.

Yes, you can transfer money from your Child Trust Fund (CTF) to another account in order to withdraw it.

This is a common way to access your Child Trust Fund money if you want to use it to pay for something specific, such as a deposit on a house or tuition fees.

To transfer money from your CTF to another account, you will need to contact your CTF provider and request a transfer.

They will need to see proof of your identity and the details of the account you want to transfer the money to.

The transfer process can take a few days to complete. Once the transfer is complete, you will be able to access the child trust fund money in your new account.

Here are some things to keep in mind when transferring money from your CTF to another account:

  1. You will need to pay tax on any interest or profits you earn on the money in your CTF. The amount of tax you pay will depend on your income and other circumstances.
  2. You may incur fees for transferring the money from your CTF to another account. Check with your CTF provider and the provider of the new account to find out about any fees that may apply.
  3. If you are transferring the money to a savings account or ISA, you may need to wait a certain period of time before you can withdraw it. This is known as the “cooling-off” period.

Similar to Foresters Child Trust Fund And One Family Child Trust Fund, It is important to note that you cannot access the money in your Child Trust Fund until you are 18 years old. If you try to access the money before you are 18, your request will be refused.

Here are some things to consider when deciding what to do with your CTF money at 18:

1. Your financial goals. What do you want to use the money for? Do you want to save it for a rainy day? Use it to pay for your education? Or invest it for your future?

2. Your risk appetite. How comfortable are you with taking risks with your money? If you are looking to grow your money quickly, you may want to invest it in a high-risk investment. However, if you are more risk-averse, you may want to keep the money in a savings account or ISA.

3. Your tax situation. You will need to pay tax on any interest or profits you earn on your Child Trust Fund money. Make sure you understand the tax implications of your decision before you make it.

To conclude, here are the steps on how to access Child Trust Fund at 18:

  1. Find out who your CTF provider is. You can use the HMRC Child Trust Fund locator tool to find out who your provider is.
  2. Contact your CTF provider. Once you know who your provider is, you can contact them to request access to your money.
  3. Provide proof of your identity. Your provider will need to see proof of your identity before they can release your money. This could be a passport, driving licence, or birth certificate.
  4. Choose how you want to access your money. You can withdraw the money to your bank account, transfer it to another savings account or ISA, or use it to pay for certain approved expenses.
  5. Pay any tax due. You will need to pay tax on any interest or profits you earn on your CTF money. The amount of tax you pay will depend on your income and other circumstances.

Leave a Comment