Managing the account
If you’re the main contact for the Child Trust Fund account you’re called the ‘registered contact’. You have certain responsibilities until the child turns 18, or until the child takes control of their own account.
Your responsibilities as the registered contact
You’re the only person who can:
- tell the account provider how to invest the fund and run the account
- change the address and other personal details
- change the type of account, for example from cash to stocks and shares
- move the account to another provider
Contact your Child Trust Fund provider to do this.
Moving to a different account
You can transfer a Child Trust Fund account to a Junior ISA. Contact a Junior ISA provider to do this.
Records you need to keep
Keep the following paperwork:
- your child’s Unique Reference Number (you’ll find this on your annual Child Trust Fund statement)
- the account statements
- details of the account type and the provider
Change a registered contact
You can change the registered contact to someone with parental responsibility for the child, like a parent, step-parent or legal guardian if both parties agree to this.
Your Child Trust Fund provider can tell you how to change the registered contact of a Child Trust Fund account.
When your child is 16 or 18
Once your child turns 16, they can either:
- take over the account by contacting the Child Trust Fund provider
- leave you in charge of the account
When the child turns 18, they take over the account and can take out the money.
If your child lacks the mental capacity to manage their account when it matures
You, or a close friend or relative, need to apply to the Court of Protection (COP) for a financial deputyship order so you can manage your child’s account when they turn 18. Once the account matures, the money can either be taken out or transferred into an ISA.
In Scotland, applications need to be made to the Office of the Public Guardian in Scotland.
In Northern Ireland, applications need to be made to the Office of Care and Protection.