Your child will not normally be able to take the money out of their Child Trust Fund (CTF) account before they are 18 and it cannot be taken out by anybody else. The only exception to this is if the child is terminally ill.
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On your child’s 18th birthday the account will stop being a CTF account and they can choose to carry on saving or use the money as they think best.
They might decide to put part or all into another savings or investment account. The first CTF accounts will start to mature in 2020. The Government has said it will allow funds to be rolled over into an Individual Savings Account on maturity and will consult in due course on the best way to introduce this reform.
Or they could put money towards driving lessons, computer equipment and training courses. All children will have been receiving financial education to help them manage their finances with future needs in mind.
How much will my child get?
This depends on:
- when the account was opened
- the type of account
- the rate of interest or growth on the account
- level of contributions made into the account
- the level of the provider charges deducted from the account.
Child Trust Fund calculator
FAQ
Further information about accessing the money
