Child Trust Funds explained
A Child Trust Fund is a tax-free children’s savings account for children born between 1 September 2002 and 2 January 2011.
You can no longer open a new Nationwide Child Trust Fund. But if you already have a Child Trust Fund with us, here is how to manage your account and what options are available for your money.
Before the child turns 18
Until the child turns 18, they can continue to hold their Child Trust Fund. Here is a quick guide to how these accounts work.
How much can you save in a Child Trust Fund?
You can save up to £9,000 in a Child Trust Fund each year.
This limit is subject to HM Treasury rules and is reviewed each tax year.
A year starts on the child’s birthday and ends the day before their next one.
You can keep your account and continue to top it up until the child turns 18.
Can you close a Child Trust Fund before the child turns 18?
You usually cannot close a Child Trust Fund or access the money before the child turns 18.
There are some exceptions to this, such as on the death of the child or where the child is terminally ill. You can find all the exceptions in the Child Trust Fund terms and conditions.
You can also transfer your Nationwide Child Trust Fund to a Junior ISA with another provider before the child turns 18.
Where is your Child Trust Fund?
If you are aged 16 or over, you can find your Child Trust Fund by searching The Share Foundation’s free online register.
The Share Foundation is a partner of the Department for Education.
After the child turns 18
When the child turns 18, their Child Trust Fund will become a CTF Maturity ISA and they will receive a letter from us. Here is a quick guide to how these accounts work.
What is a CTF Maturity ISA?
A CTF Maturity ISA is designed to be a temporary home for your child's savings until they decide what they would like to do with the money.
They will continue to earn interest. But because it is only designed to be a temporary home, they will not be able to pay any more money into this maturity account.
What does the child need to do when they turn 18?
When the Child Trust Fund becomes a CTF Maturity ISA, the child will need to call a Nationwide branch.
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.
They just need to let a member of our team know that their Child Trust Fund has matured. We will take care of the rest.