Any savings in the Child Trust Fund (CTF) will be moved into a CTF Maturity ISA. This account is designed to be a temporary home for your child's savings until they decide what they'd like to do with it. Because of this, they won't be able to pay any more money into the account when it moves. Also, the interest rate will go down.
Here's what to do next.
Call your local branch
Whatever your child decides to do with their money, they'll need to call us in branch first. This is so we can let them know the next steps, and whether they need to actually visit a branch.
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 account has matured, and we'll take care of the rest.
What to bring
If your child needs to visit us in branch, they'll need to bring:
- their National Insurance number
- some ID, like a passport or driving licence
Keep in mind
Although lockdown is easing, we're still protecting each other from the risk of spreading coronavirus. That means only coming into a branch if it's essential. So, if your child doesn't need access to their money right now, we'd ask you to avoid visiting us until things are better. Our main priority is to keep everyone safe and well.
Otherwise, check the latest updates on our branch opening times.
Help deciding what to do with their savings
Sometimes it can help to chat through all the options available before deciding what to do next. Especially if they'd like some help choosing a different savings account. If so, they can call their nearest branch.
We can chat through our accounts and help choose one that's right for them. We're looking forward to seeing your child in one of our branches once things are better.