Child Trust Funds explained

You can pay in online or in person

You can pay into the Child Trust Fund:

• in branch
• by cheque
• online using our internet bank by moving over money from another Nationwide current or savings account

This limit is subject to HM Treasury rules and is reviewed each tax year.

You cannot withdraw Child Trust Fund money

All payments made by you, family or friends into the account cannot be taken out until the child's 18th birthday. Only your child will have access to the money at that time.

Even if you pay money into the account by error, you cannot withdraw it.

We will also only close a Child Trust Fund in extreme circumstances. For example, terminal illness or in the event of death.

If you hold a matured Child Trust Fund with another provider, you can transfer it to a new Nationwide cash ISA when you open the account. This will keep the tax-free status on your savings.

To transfer your Child Trust Fund to an ISA, apply for a new Nationwide ISA online or in any Nationwide branch. We will ask you during the application if you want to transfer. Compare our ISAs to find the best one for you and then start your application.

You can find your interest rate online

You can find your interest rate by logging in to our app or internet bank. Alternatively, you can use our online tool.

How we calculate and pay interest

We calculate the interest daily using the annual interest rate divided by 365, including in a leap year.

We add tax-free interest to the account on your child’s birthday. This interest does not count towards any annual allowances.

As the account is owned by the child, no further income tax needs to be paid on the interest.

We previously offered 2 types of Child Trust Fund.

Cash funds

A cash fund is where the money is held in a traditional building society or bank account.

This counts as a Nationwide savings account.

Equity stakeholder funds

An equity stakeholder fund is where the money is invested in company shares or equities.

Since 17 November 2016, this has been administered by OneFamily. It was formerly administered by Legal & General.

OneFamily are experts in child savings products and are the UK's largest Child Trust Fund provider. They are owned by and run for their customers, with over £7.4 billion of funds under management.

You can find out more information about Child Trust Funds:

• on OneFamily's website (opens in a new window)
• by calling the OneFamily Customer Service Team (opens in a new window)

OneFamily does not offer advice on the Equity Stakeholder Child Trust Fund.

You can keep your Child Trust Fund if you or your child move to another country.

However, you should register your foreign address so we can keep in contact. You may be charged for any costs and expenses incurred by us in establishing your address or that of the child.

If you have not used your Nationwide Child Trust Fund in a while and we have been unable to contact you, you may get a letter from The Tracing Group.

We partner with The Tracing Group to help us reconnect our customers with accounts they might have forgotten about. It is a way of us getting in touch to help you decide what to do with your money.

If you have received this, complete The Tracing Group’s form (opens in a new window) using the details in your letter.

To transfer your Nationwide Child Trust Fund to another provider, you need to:

• ask your new provider for the relevant transfer in form
• give the details of your current Nationwide Child Trust Fund

You can change a cash fund to an equity fund (and the other way around) when you transfer.

No matter who the provider is, you can only hold a Child Trust Fund or a Junior ISA, not both.

You can close a Nationwide Child Trust Fund anytime from the day after you turn 18.

You will need to visit a Nationwide branch with your National Insurance number and some ID, like a passport or driving licence.

Find your nearest branch