How will I know how much money is in the CTF account?
Each year, your chosen CTF provider will send out a statement — this will be around the time of your child's birthday. This will show the value of the account and how much has been paid in during that year.
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How will my child access their money?
The account stops being a Child Trust Fund account on the child's 18th birthday. The 18 year old can then use the money in the account as he or she thinks best. They may choose to carry on saving or use the money for other things.
Remember, all children will have practical financial education at school to prepare them for managing and using their CTF accounts.
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Can I change providers?
Yes, you can move to a different provider at any time or change the type of account. All you need to do is choose a new provider and complete an application form. They will arrange for the transfer from your old provider. There will be no charge for closing the account with the old provider, although if the transfer means investments have to be bought or sold, there may be a charge for that.
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Will I have to make regular payments?
There is no requirement to make regular payments but providers must accept a minimum payment of £10 into a stakeholder account, although they may choose to accept smaller payments. For savings and shares accounts the minimum payment varies and you will need to check with your provider.
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