Below is a list of questions that are answered in this section.
Questions
What if my child is not ready to manage the account at 16?
What if I have a child, open a Child Trust Fund (CTF) account, leave the UK with my child then come back at some point in the future?
Can my child use the CTF account to apply for a loan or credit card?
What happens if I get divorced?
What happens if I don’t speak to my partner but they are the registered contact?
What happens if my partner dies?
HM Revenue & Customs has opened an account for my child and I’m not happy with it. What can I do?
What can I do if I have a complaint about how my child’s CTF account is set up or operated?
Answers
Q. What if my child is not ready to manage the account at 16?
A. 16 year olds are allowed to manage other savings accounts and managing their Child Trust Fund (CTF) account will help teenagers to develop their understanding of personal finance. Financial education is a key part of the CTF and children will learn about the CTF at school.
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Q. What if I have a child, open a Child Trust Fund (CTF) account, leave the UK with my child then come back at some point in the future?
A. Your child’s CTF account will be open for them until they are 18 when they become entitled to the money in it. A further Government payment will be made when the child is 7 years old - your child will not get this payment unless they are resident in the UK and child benefit is in payment for them on their 7th birthday. You will be able to put money into the CTF account from abroad.
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Q. Can my child use the CTF account to apply for a loan or credit card?
A. No. The CTF account cannot be used to secure any form of credit.
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Q. What happens if I get divorced?
A. In a separation or divorce both parents usually retain parental responsibility for their child. Only one of you will be the registered contact for your child’s CTF account. This person will continue to be the person who manages your child’s CTF account unless you want to transfer this responsibility. To do this, you will both need to contact the financial service provider to confirm that you are both happy with this arrangement. Please also give your provider and the Child Benefit Office any new addresses.
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Q. What happens if I don’t speak to my partner but they are the registered contact?
A. The CTF provider can only discuss your child’s CTF account with the registered contact, so you cannot manage the account for your child unless your partner agrees that you should become the registered contact. If your partner agrees that you can take over the management of the account you should both contact the provider to make the necessary arrangements. When your child reaches 16 only they can be the registered contact.
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Q. What happens if my partner dies?
A. If your partner was the registered contact you should advise the CTF account provider and, if you have parental responsibility for the child, apply to become the registered contact yourself.
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Q. HM Revenue & Customs has opened an account for my child and I’m not happy with it. What can I do?
A. You can become the registered contact for the account by contacting the provider, and you can then change to a different account with the same provider, or with a new provider. If you want to transfer to a new provider you need to contact that provider and they will arrange for transfer of the account.
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Q. What can I do if I have a complaint about how my child’s CTF account is set up or operated?
A. If you are having problems or are unhappy with our service use the link below to take you to part of the site to help you with this.
Having Problems?
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