How to Access and Take Out Your Child Trust Fund with Nationwide: A Comprehensive Guide
So, the big 1-8 is approaching, or perhaps it's already here, and you're wondering, what exactly do I do with this "Child Trust Fund" I've heard so much about? You're not alone! Many young adults are now reaching the age where their Child Trust Funds (CTFs) mature, and understanding how to access these savings, especially if it's held with Nationwide, can seem a bit daunting. But fear not, this guide will walk you through every step of the process, making it as smooth and stress-free as possible.
Ready to unlock your savings? Let's dive in!
Step 1: Confirming Your Child Trust Fund and Its Provider (Is it Nationwide?)
Before you do anything, the first crucial step is to confirm that you actually have a Child Trust Fund and, more importantly, that Nationwide is its provider. Many people might not even be aware they have one, as it was set up by parents or HMRC years ago.
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| How To Take Out Child Trust Fund Nationwide |
Sub-heading: Why is this important?
Knowing your provider is essential because the withdrawal process and available options can vary slightly between financial institutions. While the core principles of CTFs are uniform across the UK, the specifics of how you interact with your funds will depend on the bank or building society holding them.
Sub-heading: How to find out if you have a CTF and who holds it:
- Ask your parent or guardian: This is often the quickest and easiest way. They might have the original paperwork or remember where they opened the account.
- Check with HMRC (Her Majesty's Revenue and Customs): If your parents don't have the details, or if HMRC opened the account on your behalf, you can use the official government service to find out.
- Visit the GOV.UK website and search for "Find a Child Trust Fund."
- You'll typically need your National Insurance number and potentially a Government Gateway user ID (which you can set up if you don't have one).
- HMRC will usually respond by post within three weeks with details of your CTF provider.
- Utilize free tracing services: Organisations like The Share Foundation offer free tools to help locate lost CTFs. Be wary of any service that asks for a fee to find your fund – legitimate services are free!
Once you've confirmed Nationwide is your CTF provider, you're ready to move to the next step.
QuickTip: A careful read saves time later.
Step 2: Understanding What Happens When Your Nationwide CTF Matures
Your Child Trust Fund matures on your 18th birthday. At this point, the money legally becomes yours, and you have several options for what to do with it. Nationwide, like other providers, will generally have a specific process for handling matured CTFs.
Sub-heading: What Nationwide typically does at maturity:
- Automatic Transfer to a CTF Maturity ISA: Nationwide often automatically transfers the funds from your matured Child Trust Fund into a CTF Maturity ISA. This is a type of adult ISA designed specifically for this purpose. This ensures your savings remain tax-free.
- Important Note: This account is generally not open to new deposits and is primarily for holding your matured CTF funds.
- Communication from Nationwide: You should expect to receive communication from Nationwide a month or two before your 18th birthday, outlining your options and the process for accessing your money. Keep an eye out for these letters or emails.
Sub-heading: Your options once your CTF matures with Nationwide:
- Withdraw the full amount: You can take out all the money in your CTF.
- Transfer to another Nationwide savings account or ISA: You might want to keep saving with Nationwide but in a different type of account, perhaps one with better interest rates for adult savings or a different kind of ISA.
- Transfer to an ISA with another provider: If you find a better ISA product elsewhere, you can transfer the entire balance to another ISA manager without affecting your annual ISA allowance.
- A combination of the above: You could withdraw some money and transfer the rest to an ISA.
- Do nothing (for a while): If you don't take action immediately, your funds will typically remain in the CTF Maturity ISA or a "protected account" with Nationwide, still benefiting from tax-free status, until you decide what to do.
Step 3: Gathering Necessary Documentation
To access or transfer your funds, you'll need to prove your identity and ownership of the CTF. Having these documents ready will significantly speed up the process.
Sub-heading: Key documents you'll likely need:
- Proof of Identity (Photo ID):
- Valid full UK passport
- Valid full UK photocard driving licence
- Valid full EEA passport or valid EEA member state ID card
- Proof of Address: (Generally, something dated within the last 3 months)
- Utility bill (not a mobile phone bill)
- Bank statement (from a different bank)
- Council Tax bill
- Nationwide will try to verify your identity electronically first, but be prepared to provide paper documents if requested.
- Your National Insurance Number: This is crucial for verifying your identity and the CTF itself.
- Your Child Trust Fund account details: While Nationwide will have these, having your account number or any reference numbers can be helpful.
Sub-heading: Where to provide your documents:
- In branch: This is often the most straightforward way, as staff can help you with verification on the spot.
- By post: Nationwide may allow you to post some documents, but typically photo ID needs to be verified in person.
- Through online banking (if applicable): Some identity verification might be possible through Nationwide's Internet Bank or banking app, especially if you already have other accounts with them.
Step 4: Contacting Nationwide and Initiating the Withdrawal/Transfer
Once you've located your CTF and gathered your documents, it's time to get in touch with Nationwide.
Sub-heading: How to contact Nationwide:
- Visit a Nationwide branch: This is often the most recommended method for CTF maturity, as you can speak directly with a representative who can guide you through the process and verify your identity.
- Call their customer service: You can contact Nationwide's customer service helpline. For general account enquiries, their number is usually 03457 30 20 11. Be sure to state that you are calling about a maturing or matured Child Trust Fund.
- Internet Bank/Banking App: While you can manage some existing Nationwide accounts online, for a CTF maturity, especially for a full withdrawal or transfer, you'll likely need to either visit a branch or call them.
Sub-heading: What to expect when you contact them:
- Identity Verification: They will first verify your identity using the documents you've provided.
- Account Information: They will confirm your CTF balance and the details of your CTF Maturity ISA (if your funds have already been transferred).
- Discussing Your Options: The representative will explain your options for the funds (withdrawal, transfer, leaving it with them) and guide you through the necessary forms.
- Completing Forms: You may need to fill out a withdrawal or transfer request form.
- Providing Bank Details (for withdrawal): If you choose to withdraw the money, you'll need to provide details of a UK bank account in your name where the funds can be transferred.
- Transferring to another ISA provider: If you're transferring to an ISA with a different provider, the new provider will typically handle the transfer process on your behalf. You'll usually need to provide them with details of your Nationwide CTF.
Step 5: Processing and Receiving Your Funds
After you've submitted all the necessary paperwork and identity verification, Nationwide will process your request.
QuickTip: Don’t just scroll — process what you see.
Sub-heading: What to expect during processing:
- Processing Time: Nationwide aims to process withdrawals within a few working days once all necessary documents and security checks are completed. It can then take an additional 3-5 working days for the money to reach your nominated bank account.
- Security Checks: For your security, Nationwide will conduct thorough checks to ensure the money is being paid to the rightful account holder. This is why accurate documentation and bank account details are vital.
- Confirmation: You should receive confirmation from Nationwide once the withdrawal or transfer has been successfully completed.
Sub-heading: Important considerations:
- Bank Account in Your Name: The funds can only be transferred to a bank account held in your name. This is a crucial security measure.
- Partial Withdrawals: With the CTF Maturity ISA, if you want to make a withdrawal, you generally must withdraw the whole of the balance, and the account must then be closed. You can then transfer any remaining funds to a different Nationwide savings account or ISA, or another provider.
Step 6: Deciding What to Do Next
Once you have access to your funds, whether in a new account or in your current account, it's time to think about what's next. This is your money, and you have the power to decide its future.
Sub-heading: Options for your CTF money:
- Continue Saving: Consider moving the money into a higher-interest adult savings account or a different type of ISA (Cash ISA, Stocks and Shares ISA, Lifetime ISA if you're eligible and saving for a first home or retirement).
- Invest: Explore investment options if you're comfortable with the associated risks and have a longer-term financial goal.
- Fund Education or Training: Use the money to help with university fees, vocational training, or other educational pursuits.
- Major Purchases: Put it towards a car, a deposit on a home, or other significant expenses.
- Travel or Life Experiences: Use it to fund a gap year or an important trip.
- A Combination: You don't have to put all your eggs in one basket! You can split the funds across various options.
Remember, this is a significant financial milestone. Take your time, consider your goals, and if in doubt, seek independent financial advice.
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10 Related FAQ Questions
How to find out if I have a Child Trust Fund with Nationwide?
You can ask your parents, or use the "Find a Child Trust Fund" service on the GOV.UK website with your National Insurance number. If it was opened with Nationwide, HMRC will inform you.
How to withdraw my entire Child Trust Fund from Nationwide?
Once your CTF matures (at age 18), your funds typically move to a Nationwide CTF Maturity ISA. To withdraw the entire amount, you'll generally need to close this account. You can do this by visiting a Nationwide branch or contacting their customer service, providing your ID and bank details for transfer.
QuickTip: Stop scrolling, read carefully here.
How to transfer my Nationwide Child Trust Fund to a different ISA provider?
Contact the new ISA provider you wish to transfer to. They will typically initiate the transfer process directly with Nationwide on your behalf. You'll need to provide them with your Nationwide CTF details and confirm your identity.
How to confirm my identity for Child Trust Fund withdrawal with Nationwide?
Nationwide usually requires valid photo ID (like a passport or driving licence) and proof of address (like a utility bill) to verify your identity. They may try electronic verification first, but be prepared for in-branch or postal submission.
How to check the balance of my Nationwide Child Trust Fund?
Once you turn 16, you can take control of your CTF. If your CTF has matured into a CTF Maturity ISA, you can check its balance via Nationwide's Internet Bank, banking app, or by visiting a branch.
How to manage my Nationwide Child Trust Fund if I'm 16 or 17?
At age 16, you can take over responsibility for managing your CTF from your parent or guardian. This typically involves being able to see the balance and switch investments, but you generally cannot withdraw money until you turn 18. Contact Nationwide directly to discuss taking control.
QuickTip: Skim slowly, read deeply.
How to contact Nationwide about my Child Trust Fund?
You can visit your nearest Nationwide branch, or call their customer service on 03457 30 20 11. State clearly that your enquiry is about a Child Trust Fund.
How to handle a Child Trust Fund if the child lacks mental capacity?
If the child is unable to make their own financial decisions, and you don't already have a Power of Attorney, you will need to apply for a court order (such as a Deputyship order) to access the account when they turn 18. This is a legal requirement.
How to transfer a Child Trust Fund to a Junior ISA with Nationwide?
While Nationwide states they do not accept transfers in from existing Child Trust Funds to new CTFs, you can transfer your CTF to a Junior ISA if it's still active. If your CTF has matured, it's typically converted to an adult ISA (CTF Maturity ISA), and you can then transfer it to another adult ISA.
How to ensure my Child Trust Fund money is safe if I don't withdraw it immediately?
If you do nothing when your Nationwide Child Trust Fund matures, it will automatically be transferred to a CTF Maturity ISA, where it will continue to be held securely and tax-free until you decide what to do with it.
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