Supporting your child with their next steps
Helping you to guide them in making informed decisions about their Child Trust Fund, encourage them to consider their future and how to use their money wisely for significant milestones ahead.
Your next steps before they turn 18
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Check your and your child's details
Ensure yours and your child's details are up to date to help with a smooth transition.
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Make any final contributions
Make the most of their Child Trust Fund by making any final contributions before their 18th birthday. You can only add any additional contributions after age 18 if they reinvest into an ISA.
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Final arrangements
If you have any standing orders set up, cancel them after their 18th birthday, as we can no longer accept contributions. Contributions can be arranged when your child sets up an ISA.
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Start the conversation
Your child may become aware of their Child Trust Fund before their 18th birthday, so it might be a good idea to start the conversation early in preparation. Information is included by HMRC in their National Insurance number letter. We will also write to your child 6 weeks before their 18th birthday informing them their Child Trust Fund is with us.
Once your child turns 18, they will manage their Child Trust Fund and be the only one able to access and make changes to their Plan. This means we will no longer be able to discuss the Plan with you.
Your child's next steps
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Set up an email address
They will need their own email address to create their MyPlans account, where they can make their choice for their Child Trust Fund after age 18.
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Look at their options together
Discuss future financial goals and how the funds can help achieve these.
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Encourage them to set up their own MyPlans account
Your child can create a MyPlans account from age 15. They will be able to view the Plan value and make their choice at 18 online.
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Access their Foresters benefits
From age 18, your child can access their member benefits* such as discounts, a wellness app, Scholarships and more, all with MyForesters. If they decide to withdraw all of their money, they will no longer have access to these exclusive benefits with Foresters.
What are their choices at age 18?
With Foresters, your child has the choice to...
Keep building their savings pot
Whatever their future goal is, whether it’s starting a dream business or buying a house, keeping the money invested is a great way to continue saving for the future.
They can do this in an ISA with Foresters. It is quick and easy!
Split their savings pot
If they need to access some money now, this option lets them do that while still keeping some savings tucked away and working hard in the background for their future.
They can do this in an ISA with Foresters. It is quick and easy!
Empty their savings pot
We understand sometimes the money is needed urgently and it's not possible to save for the future yet. This option allows them to withdraw all of the money in their Child Trust Fund pot.
It is important to note that this means they won't have any savings left with us and will loose all Foresters member benefits.
Once they have turned 18, all they need to do is login to MyPlans to make their choice. If your child isn't sure, they can leave the money where it is.
Why should your child continue to invest with Foresters?
Highly rated
Our customers and members rate us 4.7 out of 5 for our service
Trusted
2.5 million customers trust us with over 5.2bn funds to look after
Established
Managing family finances and making a positive impact for over 150 years
We go the extra mile
Financial Advisers, expert investment managers, and exclusive benefits
Get rewards as a Foresters member
If your child continues to save with us in an ISA they will remain a member, and keep access to a range of exclusive benefits at no cost.
Member benefits are not regulated by the PRA or the FCA and may change in the future.
Navigate your childs financial future together
We offer a personal financial planning service, available via video call or in the comfort of your own home. Whether you need help with your child’s Child Trust Fund options once they turn 18, or want to explore future savings, speak to a Financial Adviser at no direct charge to you.
Find the right ISA for them, and yourself
Stocks and Shares ISA
Whatever your savings goals are, a Stocks and Shares ISA allows you to invest in your future up to £20,000, without having to pay tax on any growth. Contributions start from £20.
Lifetime ISA
Save up to £4,000 each tax year towards your first home or later life with our Stocks and Shares Lifetime ISA. There is even a 25% Government bonus as an extra helping hand.**
Shariah ISA
Save our Stocks and Shares Shariah ISA up to £20,000 and invest in a fund that aligns with Islamic beliefs. With a Shariah adviser and board to approve investments.
Do you have any other children, who do not have a Child Trust Fund?
Check out our Junior ISA for simple saving from as little as £10 a month, family and friends can contribute too.
With an ISA tax treatment depends on individual circumstances and may be subject to change. As with all stock market investments the value of your ISA can fall as well as rise.
**A Lifetime ISA must be held for at least 12 months before using it towards the purchase of a first home. 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. If you make a withdrawal from the Lifetime ISA before age 60, other than to purchase your first home, you will pay a government penalty of 25% on the withdrawal amount, and you may get back less than you paid in.
Child Trust Funds at age 18 FAQs
No. The money in the Child Trust Fund is entitled to the Planholder (the child).
Only in certain circumstances is the Registered Contact able to access the money. For more information please read the FAQ 'My child is unable to manage their money, what should I do?'.
Your child can make the choice in what to do with their money easily online with MyPlans. All they need to do is create their account, go to the 'Next step' button, pick the option that best suits them and complete the online application.
If your child decides to leave the money where it is, they do not need to do anything.
Whilst we process your child's instruction the Plan value will show as £0 on MyPlans until the request is complete.
All your child needs to do is select the 'Long-term saver' option on the 'next steps' journey and complete the application. They will need to decide which of our two ISAs they would like to save in.
Any money from the Matured CTF ISA will not count towards their ISA allowance for that tax year.
Whilst we process your child's instruction the Plan value will show as £0 on MyPlans until the request is complete.
Yes, if your child decides to open a Stocks and Shares ISA, you and your child can make contributions to their ISA straight away – through their online MyPlans account by selecting the ‘Add money’ button.
If we are unable to verify the payer we will also require personal identification, where you will need to provide a form of ID, as well documentation such as a utility bill.
Once their ISA is set up, your child will be able to add a Lifetime ISA to their Plan. They will see this on their homepage or by the three dots on their ISA details on their homepage.
They can move money from their Stocks and Shares ISA and/or add new contributions.
No. Your child can continue to save in an ISA. If they are not ready to make their decisions they can leave the money where it is.
To withdraw some or all of the money, your child will need to have a bank account in their name, as the money belongs to them and therefore cannot be paid into any other account.
We will do some checks to make sure that the bank account belongs to your child. If we are unable to verify your identity, we will require evidence of your bank statement within the last 12 months. Please note that although we accept electronic copies in image format, we cannot accept a screengrab – best way is to download this as a PDF. Our Customer Services team will then manually verify these documents.
There are several ways your child can obtain a bank statement:
- Download a PDF bank statement from online banking
- Visit a local branch and ask the bank to print out a bank statement
- Contact the bank provider and request a paper bank statement to be posted to home address
When the bank account is verified the withdrawal will be processed. This can take between 3-5 working days. If the payment is being made to an international bank account, once approved it can take 10-14 days to appear in the bank account.
These checks are put in place to ensure your child’s money is protected, so please bear with us whilst we process the request.
If your child chooses to make a full withdrawal, once the request has been received the Plan value will show as £0 on MyPlans whilst we process this request.
Yes, there is no need to worry, our CTFs and ISAs are protected by the Financial Services Compensation Scheme (FSCS) which means that in the unlikely event that we cannot meet our obligations you will be able to make a claim for the full value of the Plan from the FSCS.
We have no hidden charges. If your child chooses to continue saving in our ISA there is only one 1.5% annual management charge reducing to 1% after 10 years, with no other charges.
Some young people may only need support to deal or manage their finances. If your child does not have the capacity to manage their Child Trust Fund at age 18, you will need to make an application to the Court of Protection to obtain authority to access this money on their behalf.
If your child requires support to deal with their Child Trust Fund, you may be able to make a Lasting Power of Attorney, which will give you the authority to access the account for them. Acting as an appointee for benefits will not give you legal access to the matured Child Trust Fund.
You can find more information about how to manage the finances on behalf of someone who lacks mental capacity, including applying to the Court of Protection or supporting someone to make an LPA here.
Please contact Customer Services Maturity team who will be able to advise you on the process and next steps 0333 600 0333
*About member Benefits
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.