The best of both
Want to withdraw some money and save the rest? Good choice! Here’s what you need to know...
How to get the best of both with your Child Trust Fund money
It’s easy for you to reinvest (continue saving) money from your Child Trust Fund and make a withdrawal at the same time. Let's learn more about ISAs first.
Choose how much you want to move to an ISA
AND
Choose how much you want to take now
Choose how much you want to move to an ISA
AND
Choose how much you want to take now
What is an ISA?
ISA - Individual Savings Account
- The adult version of Child Trust Funds
Our ISA is simple, our experts make investment decisions for you, so all you have to do is move the money from your CTF, then make contributions when you can.
- Add money from £20 whenever you can
- Your money isn’t locked in, save for as long as you need
- Give your money the best chance to grow - carry on investing in stocks and shares
- Take money when you want to, but don’t be tempted to use it like a bank account
- Choose how your money invests. We’ve got an ISA with a choice of funds or a Shariah ISA
- Like most stocks and shares ISAs there's a fee - we've got just one yearly management charge of 1.5%
- You won’t pay tax on your savings
- Get the keys to your first home quicker, with a 25% bonus by adding a Lifetime ISA
Choose your ISA...
We have two ISAs for you to choose from - An ISA (that has a choice of funds) or a Shariah ISA.
ISA
An ISA that invests in people and the planet
Invest in a choice of two funds, learn more about these funds ➙
An ISA specific for Islamic beliefs
Invests in our Shariah compliant fund, learn more about this fund ➙
Must know: As with all investing the value of your Plan can fall as well as rise, and you may get back less than you have paid in. It’s recommended to invest for at least 5 years.
How to take your next steps
Set up your MyPlans account
You can do this from age 15. All you need is your Plan number (sent to you in a letter from us) or National Insurance number and an email address.
Go to 'Next steps'
After you turn 18, click the ‘Next steps’ button when you login to MyPlans under your Plan value/Child Trust Fund amount.
Enter how much you want to reinvest & withdraw
You have two boxes to fill in, the 'reinvest' box for how much you want to move to your ISA and the 'withdraw' box for how much you want to take now. Adding a number to one box will automatically calculate the other (no need for unnecessary maths)
Add your bank details
To make a withdrawal you will need a bank account in your name, for us to send you the money.
Now select your ISA
You have the choice between our ISA and our Shariah ISA.
Then all you need to do is confirm everything is correct. You will be able to see your ISA on MyPlans (please wait at least 24 hours), where you can add money or a Lifetime ISA.
Psst... If you choose to move money into an ISA you'll still have access to your Member Benefits from age 18. Yay! Learn more
Already 18 & ready to make your choice?
Create your online account and click the 'Next steps' button within MyPlans.
Not ready yet? No stress! Your money will stay where it is. But you can still create your MyPlans account so it’s ready when you are.
Talking to those you trust can help you make better choices about your money. Almost 90% of Child Trust Fund holders said it helped influence their choice. So, start the conversation to shape your financial future!
Support from your loved ones
Weighing up the pros and cons with someone you trust, like a parent, grandparent, or an older sibling, can help clear things in your mind. So why not take a seat on the sofa and get talking about your financial future?
Support from the money experts
With us, you can book video chats or home visits with an adviser who can answer any questions you have about your next steps, ISAs or chat about your finances - oh and you don't have to make your choice there and then.
Get the keys to your first home quicker with a Lifetime ISA
Want to save for your first home with 25% bonus from the Government? Sounds like an easy answer to us!
After you reinvest into an ISA (using the above steps) you can add a Lifetime ISA. You can even transfer from your ISA to your Lifetime ISA, to get the Gov bonus without having to add any extra money.
- Start saving towards buying your first home (worth up to £450k)
- Add money when you can from £20
- Invest your money for a greater chance of growth than cash savings
- Money needs to be invested for at least 1 year before buying your first home
- For every £20 you save, the Government adds £5
- Save up to £4k each year (transfer from the money you moved into your ISA and make the most of the Government bonus)
- There is a penalty if you take the money out before age 60 for any reason other than to buy a first home
- Like most stocks and shares ISAs there's a charge - we've got just one yearly management fee of 1.5%
How to add a Lifetime ISA to your ISA
Must know: As with all investing the value of your Plan can fall as well as rise, and you may get back less than you have paid in. It’s recommended to invest for at least 5 years.
With a Lifetime ISA, you'll need to keep the money saved for at least 12 months to use it towards your first home. The Government bonus of 25% will apply to any contributions (up to £4,000) until your 50th birthday.
There's a 25% Government penalty if you dip into this pot for anything other than a house deposit or after age 60 - this includes the Government bonus, so you may get back less money than you've put in.
You can also use a Lifetime ISA for savings to access after age 60. By saving into a Lifetime ISA instead of a workplace pension, you could lose the benefit of employer contributions and the value could affect any entitlement to means tested benefits.
FAQs
You asked, we answered...
There is generally a charge for managing an ISA. It’s usually for the cost of looking after your investments.
We make this as simple as we can for you, with just an annual management charge of 1.5% of the ISA value. There are no other fees and no cost to withdraw, exit or make a change. The same charge applies if you choose to open a Lifetime ISA.
You can access your member benefits by creating your MyForesters account once you've turned 18 (this is different to your MyPlans account).
Here you'll find everything you need to know about your benefits including how to apply for Scholarships and the discounts we have on offer.
Description of member benefits that you may receive assumes you are a Foresters member. Members must be 18 years of age or older and must have an active Foresters Plan and maintain it in good standing. Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice. Member benefits are not regulated by the Prudential Regulation Authority or the Financial Conduct Authority and may change in the future.
It's quick and easy to transfer your Child Trust Fund to an ISA. Login to your MyPlans account, click 'Next Steps' and enter the amount you want to keep in an ISA in the 'reinvest' box.
You'll need to wait at least 24 hours to see your ISA in your MyPlans account.
Your member benefits are part of the package when you save with us. We're a mutual, which means we're all about you. No shareholders, just awesome benefits for our Planholders (that's you!) at no extra charge.
When you keep saving you can create your MyForesters account and take a look at what’s on offer.
Description of member benefits that you may receive assumes you are a Foresters member. Members must be 18 years of age or older and must have an active Foresters Plan and maintain it in good standing. Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice. Member benefits are not regulated by the Prudential Regulation Authority or the Financial Conduct Authority and may change in the future.
Yes, when choosing to take some or all of the money, you can move this to your bank account, whether this is a UK or foreign bank. However, the money can only be transferred to a bank account in your name.
It will take 3-5 working days, after we complete our necessary security checks, for the money to reach your account. It doesn't matter how much money you want to take out, we need to make sure we pay only you as the Planholder.
Your MyPlans account will show the progress of your withdrawal and ask you to update any documents (if needed) to verify your identity.
When you are making a withdrawal, you may be asked to complete an identity check using our third party partner. You will need your driving licence or passport, and will be asked to take a selfie. The link for this will also be sent to your email.