Anyone received Child Trust Fund sum yet?

[jamesfailedmarshmallows]

Ds is 17 and due to receive his CTF money next year. Its a decent amount, approx £30k. Has anyone's child received theirs yet? Do they just get a check on their 18th birthday, or how does it work?

*cheque!

Interested in how this works too

www.gov.uk/child-trust-funds

Marking as I’d like to know what happens too

Can I ask @jamesfailedmarshmallows did you put in the max amount each year to get it to this amount?

OK so according to that link the account stays open, rather than it closing and the balance being transferred to the child?

DS took control of the account using the info they sent him and transferred the money to his own bank account. We hadn’t added any to it though, so it wasn’t as much as your DS will have. Seemed a simple process.

whats I transferred £100 per month since I opened it. I moved the account a few times depending on what market was doing best, some years it made 100% profit which is why it is so high.

Saucery thank you. Do you know is it possible to keep the account open or does it have to be transferred to a bank account?

My ds has just turned 18 and had a Nationwide one and they have put it into some kind of temporary account and he has to decide what to do with it. It is no where near the amount your son has.

I don’t know, sorry, jamesfailedmarshmallows. As it wasn’t a large sum he just took it out as soon as he got round to it. I might have taken a bit more of an interest in it if I’d paid in monthly! He could maybe stick it in Premium Bonds for a while until he knows what he wants to invest it in longer term?

We put a bit extra in ours & it was worth just over £4K last year & then summer 2020 was only worth £2.700. Had plummeted during lockdown. Have you checked the value?

converse my dd1 (15) just got her statement a few days ago and I was pleasantly surprised that it has held its value. I do realise that that can change drastically over the next year though.

@jamesfailedmarshmallows

whats I transferred £100 per month since I opened it. I moved the account a few times depending on what market was doing best, some years it made 100% profit which is why it is so high.

Wow, well done you @jamesfailedmarshmallows Annoyed as I’m kicking myself now - how have 16 years passed me by? Always thought I’d have time to build it up much higher/move it around. Anywho my DC Does still have a good amount (no where near as much as you’ve managed with yours) but they will have more than I had as a starting point

I forgot my
DS has one of these, he is only 11 but how do I access it / add to it

@converseandjeans

We put a bit extra in ours & it was worth just over £4K last year & then summer 2020 was only worth £2.700. Had plummeted during lockdown. Have you checked the value?

There are two types, I'm guessing you have the stocks and shares one which will fluctuate. My friend was saying the other day that her dd's has lost £900 since lock down. My ds had the other type which just accrues a small amount of interest each year, probably safer but less increase overall.

Talk do you have the details of the provider where the account is? You would need to contact them, IIRC there are a few steps you have to go through in order to become an authorised 'guardian' and once that is sorted you can set up a direct debit or just pay if/when you can

Whats this is all the help that my dc will be getting. I have no pension or personal investments, so it's time to think about myself now.

I remember it opened automatically, I think, when ds was born and then I completely forgot about it and have a separate saving for Ds now but wouldn't mind adding this one. I remember getting a letter a while ago I'll have a search for it and try to find out.

DS had to apply to get his, and jump various hoops re moneylaundering - which can be a pain for a just turned 18yo with online banking and no paper statements etc.
I don't know if/how long the account could remain open.

I changed my child’s into a child’s ISA. Think I might check it today to see what it’s worth.

Who did you take the cheque and letter to at the time? I took mine to Nationwide , where 2 of my kids went into the stocks type idea account , its now held by a place called One Family which was automatic from Nationwide. However my other child , I put into just the normal savings CTF account with Nationwide and its linked to my other accounts online to add to it if I want and when my child goes to access it at 18 , I imagine hers will simply be moved into her normal savings account.

DD received hers recently. We had moved it to a child ISA - cash, not stocks and shares.
When she turned 18 it swapped automatically to an adult ISA and she had to go into the bank to activate it.
She was sent a letter from the bank telling her to do this.
She has a current account at the same bank so closed the adult ISA and moved it all to her current account. She then opened a Lifetime ISA with Nottingham BS and bought premium bonds with the rest.

My child’s is £459. We didn’t add anything and they are just 16

@herbwitch

Who did you take the cheque and letter to at the time? I took mine to Nationwide , where 2 of my kids went into the stocks type idea account , its now held by a place called One Family which was automatic from Nationwide. However my other child , I put into just the normal savings CTF account with Nationwide and its linked to my other accounts online to add to it if I want and when my child goes to access it at 18 , I imagine hers will simply be moved into her normal savings account.

Which one performed the best ?