Congratulations! If you're reading this, it likely means your Child Trust Fund (CTF) with Nationwide has matured, or is about to. This is an exciting financial milestone, and now you have important decisions to make about how to manage those hard-earned savings. This lengthy guide will walk you through every step of accessing your CTF maturity ISA with Nationwide, and help you understand your options.
Your Nationwide Child Trust Fund Has Matured: What Now?
When your Child Trust Fund with Nationwide reaches its 18th birthday, the funds held within it are automatically transferred into a CTF Maturity ISA. This is a special type of ISA designed as a temporary holding account for your matured CTF. It allows your money to continue growing tax-free while you decide on its long-term future. It's important to understand that you cannot pay new money into this CTF Maturity ISA. It's solely for the matured CTF funds.
This guide focuses specifically on Nationwide's process. While the general principles apply across providers, the specifics of accessing and managing your funds will vary.
Step 1: Engage with Your Matured CTF – Don't Delay!
First things first, take a moment to appreciate this achievement! Whether it was contributions from your parents, grandparents, or even your own pocket money, this is a significant sum that can set you on a path to achieving your financial goals.
Now, let's get down to business. The most crucial initial step is to make contact with Nationwide. While your funds are automatically moved to a CTF Maturity ISA, you won't be able to access them or make any further decisions without verifying your identity and letting Nationwide know your intentions.
- What to expect: Nationwide will typically send you a maturity pack or letter around the time your CTF matures, outlining your options. Keep an eye out for this important correspondence.
- Why it's important: Even though the money is in a tax-free account, it's a holding pen. You need to actively engage to either withdraw the funds or transfer them to a more suitable long-term savings or investment product.
Step 2: Understanding Your CTF Maturity ISA and Your Options
As mentioned, your funds are now in a CTF Maturity ISA. This is an instant access cash ISA. This means you can get access to your money whenever you need it, without notice or loss of interest. However, there are some specific rules for this account you need to be aware of:
- No new deposits: You cannot pay any new money into the CTF Maturity ISA.
- Full withdrawal/transfer required for closure: If you want to make a withdrawal, you must withdraw the whole balance, and the account must then be closed. This means you can't just take out a small amount and leave the rest in the CTF Maturity ISA.
Now, let's explore your core options for the funds held in your Nationwide CTF Maturity ISA:
Option 2.1: Withdrawing the Funds
This is the most straightforward option if you need the money for immediate expenses, such as university fees, a driving license, or a deposit for something significant.
- Considerations: While convenient, withdrawing the funds means they will no longer benefit from tax-free growth. If you don't need all the money immediately, consider other options for a portion of it.
Option 2.2: Transferring to Another Nationwide Savings Account or ISA
Nationwide offers a range of other savings accounts and ISAs that might be a better fit for your long-term goals.
- Advantages: Keeping your funds with Nationwide can simplify the process, as the transfer will be internal. You can choose from various options like a regular Cash ISA, a Fixed Rate ISA (if you don't need immediate access and want a potentially higher rate), or even a Stocks and Shares ISA (if you're comfortable with investment risk).
- Important Note on ISAs: Transferring your matured CTF into an adult ISA (Cash ISA or Stocks and Shares ISA) will not use up your annual ISA allowance for the current tax year. This is a crucial benefit, as it allows you to continue saving up to the full ISA allowance (£20,000 for the 2025/2026 tax year) into other ISAs.
- Considerations: If you transfer to a fixed-rate product, your access to the funds may be restricted for the fixed term.
Option 2.3: Transferring to an ISA with Another Provider
You are not limited to keeping your funds with Nationwide. You have the right to transfer your matured CTF (now in a CTF Maturity ISA) to an ISA with any other ISA provider in the UK.
- Advantages: This opens up a wider range of interest rates, investment options (e.g., different Stocks and Shares ISA platforms), and product features that might better suit your financial needs and risk appetite.
- Process: The new ISA provider will typically handle the transfer process for you. You will need to complete their ISA transfer form.
- Important Note: As with transferring to a Nationwide ISA, transferring a matured CTF to an ISA with another provider does not count towards your annual ISA allowance.
Option 2.4: Combining Options (e.g., Partial Withdrawal and Partial Transfer)
Given the rule that you must withdraw the whole balance to close the CTF Maturity ISA, if you want to both withdraw some cash and transfer some to another ISA, you'll effectively need to:
- Withdraw the full amount from the CTF Maturity ISA.
- Immediately deposit the portion you wish to keep tax-free into a new ISA (either with Nationwide or another provider). Be mindful of your annual ISA allowance if you're depositing into a new ISA this way, as it will count against it. The most efficient way is to do an ISA transfer as described in Option 2.2 and 2.3. If you want to spend some and save some, you can withdraw the whole amount, spend what you need, and then open a new ISA with the remainder (this will use up your ISA allowance).
Step 3: Taking Action – The Practical Steps
Regardless of your chosen path, there are some universal steps involved in accessing your Nationwide CTF Maturity ISA.
Sub-heading 3.1: Contacting Nationwide
This is your first practical step.
- In Branch: The easiest and often most recommended method. Nationwide advises that you will need to call them or visit a branch to discuss your options and take the next steps. If you visit a branch, they can talk you through the options, verify your identity, and help you set up new accounts or process withdrawals.
- What to bring: If you visit a branch, you will definitely need your National Insurance number and some form of valid photographic identification, such as a passport or driving license. It's also a good idea to bring any correspondence from Nationwide regarding your CTF.
- By Phone: You can call Nationwide's general savings enquiry line.
- Nationwide Savings General Enquiries: 0800 055 66 22 (from the UK) or +44 1793 65 67 89 (from abroad). These lines are usually open 7 days a week, 8 am to 8 pm.
- Be prepared to verify your identity over the phone. They may ask you security questions.
- Internet Bank/Banking App: While you can manage some existing accounts online, to first access and make decisions about your matured CTF Maturity ISA, a branch visit or phone call is often necessary, especially for the initial identity verification. Once the account is active and linked to your profile, you may have more options online for transfers to other Nationwide accounts.
Sub-heading 3.2: Identity Verification
This is a critical part of the process to protect your funds. Nationwide (and any other financial institution) needs to confirm you are the rightful owner of the funds.
- Required Documents:
- National Insurance Number: Crucial for all financial transactions in the UK.
- Photo ID: Passport or UK Driving License are the most common and accepted forms.
- Proof of Address: A recent utility bill (gas, electricity, water), bank statement (from a different bank), or council tax bill, typically dated within the last 3 months.
- Why it's important: Even if you've banked with Nationwide before, the CTF was likely set up when you were a child, and your identity verification may not be up-to-date for accessing adult accounts.
Sub-heading 3.3: Making Your Decision
Once your identity is verified, Nationwide will guide you through your choices.
- If you choose to withdraw:
- You will need to provide bank account details for the funds to be transferred into. This account must be in your name.
- Be aware that once withdrawn, the funds are no longer tax-free.
- If you choose to transfer to a new Nationwide account:
- Nationwide staff will help you open the new account (e.g., a Cash ISA, Fixed Rate Bond, or other savings account) and process the internal transfer.
- They can advise you on the different rates and features of their products to help you choose the best fit.
- If you choose to transfer to another provider:
- You will need to contact the new ISA provider you wish to transfer to.
- They will provide you with an ISA transfer form. You complete this form with your Nationwide CTF Maturity ISA details, and the new provider will then contact Nationwide directly to arrange the transfer. Do not try to withdraw the money yourself and then pay it into a new ISA, as this will count against your ISA allowance for the year.
Step 4: Finalising the Transfer or Withdrawal
Once your decision is made and all necessary forms are completed and identity verified:
- Withdrawal: Nationwide will process the withdrawal, and the funds should appear in your nominated bank account within a few business days (typically 3-5 working days).
- Internal Transfer (Nationwide to Nationwide): The transfer to your new Nationwide account should be relatively quick, often within 1-2 business days.
- External Transfer (Nationwide to another provider): This process can take a little longer as it involves two financial institutions. It typically takes 15-30 working days for an ISA transfer to complete. Your new provider will keep you updated on the progress.
Step 5: Planning for the Future – Beyond Your CTF
Accessing your CTF is just the beginning. Now is an excellent time to think about your broader financial goals.
- Budgeting: If you've withdrawn the funds, create a budget to ensure you use the money wisely.
- Savings Goals: If you've transferred to an ISA, consider what you're saving for – a house deposit, further education, a car, or even your retirement. Having clear goals can motivate you to continue saving.
- Financial Advice: For larger sums or complex financial situations, consider speaking to a qualified financial advisor. They can help you create a personalized financial plan.
- Continue Saving: Even if you've spent some or all of your CTF, try to establish a habit of regular saving. Compound interest is a powerful tool over the long term.
Frequently Asked Questions (FAQs) - How to Access Your CTF Maturity ISA Nationwide
Here are 10 related FAQ questions, starting with 'How to', with quick answers, to help you navigate your Child Trust Fund maturity with Nationwide.
How to find out if I have a Child Trust Fund with Nationwide?
You should have received correspondence from Nationwide as your 18th birthday approached. If not, contact Nationwide's general savings enquiry line (0800 055 66 22) and provide them with your details, including your National Insurance number and date of birth.
How to contact Nationwide about my matured CTF?
The best ways are to call their savings general enquiries line at 0800 055 66 22 or visit your nearest Nationwide branch.
How to withdraw all the money from my Nationwide CTF Maturity ISA?
You will need to contact Nationwide (ideally visit a branch or call) to verify your identity. You will then need to request a full withdrawal, providing your bank account details for the transfer. The CTF Maturity ISA must be closed upon full withdrawal.
How to transfer my Nationwide CTF Maturity ISA to another Nationwide ISA?
Contact Nationwide via phone or by visiting a branch. They will help you select a new Nationwide ISA product (e.g., a Cash ISA or Fixed Rate ISA) and facilitate an internal transfer of your matured CTF funds. This will not use up your annual ISA allowance.
How to transfer my Nationwide CTF Maturity ISA to an ISA with a different provider?
Contact the new ISA provider you wish to use. They will provide you with an ISA transfer form. Complete this form with your Nationwide CTF Maturity ISA details, and the new provider will arrange the transfer directly with Nationwide. This will not count towards your annual ISA allowance.
How to prove my identity to Nationwide for my matured CTF?
You will typically need your National Insurance number, a valid photographic ID (like a passport or driving license), and potentially proof of address (e.g., a recent utility bill). It's best to bring these if visiting a branch.
How to manage my CTF Maturity ISA online with Nationwide?
While you may be able to view the account balance online once your identity is verified and the account is linked to your existing Nationwide online banking profile, for initial access and decision-making about the matured CTF, a phone call or branch visit is usually required.
How to avoid losing the tax-free status of my CTF funds?
To maintain the tax-free status, you must transfer the funds directly from your CTF Maturity ISA into another ISA (Cash ISA or Stocks and Shares ISA), either with Nationwide or a different provider, via an official ISA transfer process. Do not withdraw the money first if you wish to retain its tax-free wrapper without affecting your allowance.
How to combine spending and saving from my matured CTF?
You must withdraw the entire balance from your Nationwide CTF Maturity ISA. You can then spend the portion you need and, if you wish to continue saving the remainder tax-free, open a new ISA and deposit the remaining funds. Be aware that depositing into a new ISA this way will count towards your annual ISA allowance. The most efficient way to save some and spend some is to do an ISA transfer for the savings portion, and then request a partial withdrawal from the new ISA if needed (if it allows for partial withdrawals).
How to get financial advice on my matured CTF options?
Nationwide staff can provide information about their products, but they cannot offer financial advice. For personalized financial guidance, consider speaking to an independent financial advisor. You can find one through professional bodies like Unbiased.co.uk or VouchedFor.co.uk.
