Are you curious to know how to access child trust fund at 18 online? If so, you are on the right spot here and this article is especially for you. From 2005 to 2011, the UK government had a program called the Child Trust Fund. It was for children born in the UK from September 1, 2002, to January 2, 2011, whose families got Child Benefit support.
They got a voucher to start a tax-free savings account for the child, but the money could not be touched until the child turned 18. The voucher amount varied from £50 to £500 based on when the child was born and the family’s income. Parents and guardians could add more money to the account too.
During this time, about 6.3 million accounts were created. The goal was to teach kids good money habits. If the voucher were not used within a year, the government would put it into a Child Trust Fund for the child. Keep reading this article to know how to access child trust fund at 18 online and more about the funds that you must know.
What is happening now?
The initial group of teenagers eligible for the Child Trust Funds is now turning 18 and can withdraw their funds for the first time. However, a significant number of them do not know about the existence of these savings, and numerous parents and guardians are uncertain about how to find and retrieve the accounts they started for their children.
How to access child trust fund at 18 online
- Child Trust Funds (CTFs): Around 55,000 accounts will mature each month starting from September 2020. If you suspect your teenager has a CTF, it is time to investigate.
- If You Know Where the Fund Is Held: If you already know where your child’s CTF is, and they are about to turn 18 (or have recently turned 18), share their account details, including the Unique Reference Number from their annual CTF statement.
- If You Are Unsure: HMRC has an easy online tool for young people (from age 16) or parents to locate the CTF. Fill out a form on the HMRC website using your Government Gateway user ID and password. You will also need either your child’s Unique Reference Number or their National Insurance number. HMRC will then send you the CTF provider details by post.
- Important Note: You can only do this if your child is not yet 18. Once they turn 18, HMRC will not share CTF details with you.
How much will be in the account?
The funds in each Child Trust Fund account vary based on the total contributions made over the years, as well as the initial government voucher. On average, a CTF account holds about £1,500.
Some Questions
What is a CTF?
A CTF, or Child Trust Fund, was a UK government initiative running from 2005 to 2011, providing a tax-free savings account for children born between September 1 2002 and January 2 2011.
How do you access a child trust fund at 18 online?
The government provided a starting voucher of £50 to £500, and parents/guardians could make additional deposits.
When can the funds be accessed?
The funds become accessible when the child turns 18, with many reaching this age from September 2020 onwards.
How to locate a CTF?
If unsure where the CTF is held, use the HMRC online tool with the child’s Unique Reference Number or National Insurance number to find it. This can only be done if the child is under 18.
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