Turning 18 is a significant milestone, and for many young people in the UK, it also marks the moment when they can access their Child Trust Fund (CTF). The Child Trust Fund scheme was established by the UK government to encourage long-term savings for children. If you have a CTF, you might be wondering how long it will take after your 18th birthday to get your money. Here’s a detailed look at the process and what you can expect.

Understanding the Child Trust Fund

The Child Trust Fund was introduced in 2005 for children born between 1 September 2002 and 2 January 2011. The government provided each eligible child with a voucher to invest in a CTF account, which could be a cash savings account or a stakeholder account invested in shares. Parents, family, and friends could also contribute to this fund, with the aim of providing a financial boost when the child turned 18.

What Happens When You Turn 18?

On your 18th birthday, your Child Trust Fund account matures, meaning you gain full control over the money. However, gaining access to the funds doesn’t necessarily mean you can withdraw the money instantly. Here’s the step-by-step process to follow:

1. Identification and Proof of Age:
   • Before you can access your CTF, you need to provide proof of your identity and age. This usually involves submitting a form of ID, such as a passport or driving licence, to your CTF provider.
2. Contacting Your CTF Provider:
   • If you haven’t already, you’ll need to contact the financial institution that holds your Child Trust Fund. You can find out who your provider is by using the Child Trust Fund search tool in the bex app, if you don’t already know.
3. Account Options:
   • Once your identity is confirmed, you’ll have several options. You can choose to:
     • Withdraw the money.
     • Transfer it to an adult savings account or an Individual Savings Account (ISA).
     • Reinvest it in another financial product offered by your provider.

How Long Does It Take to Get the Money?

The time it takes to access your funds can vary depending on a few factors:

• Verification Process: The time it takes for your provider to verify your identity can differ. Some providers may complete this process within a few days, while others might take a couple of weeks.
• Withdrawal Method: The method you choose to withdraw your money can also impact the timeline. Bank transfers might take a few days, whereas cheque withdrawals could take longer.
• Provider’s Processing Time: Each financial institution has its own processing times. It’s a good idea to ask your provider directly about their specific timelines.

Tips for a Smooth Process

To ensure a smooth and timely access to your funds, consider the following tips:

• Prepare Early: A few weeks before your 18th birthday, gather the necessary identification documents and contact your CTF provider to understand their requirements.
• Stay Informed: Keep an eye on communications from your provider. They may send you important instructions or updates regarding your account.
• Consider Your Options: Think about what you want to do with your funds ahead of time. Whether it’s saving, investing, or making a big purchase, having a plan can help you make informed decisions quickly.

Accessing your Child Trust Fund after your 18th birthday is an exciting moment, but it requires a few steps and some patience. By preparing ahead and understanding the process, you can ensure that you receive your funds as smoothly and quickly as possible. Whether you choose to save, invest, or spend the money, it’s a significant financial resource that can help you start your adult life on the right foot.