Child trust fund money

I know I have money sitting from me that was in a child trust fund with my bank for when I am 18 there is/was quite a lot of money in there from what I know. When my parents broke up my mum went to the bank and took control off the account i’m not sure what she did with it. But i’m pretty sure she made it into an account she can take money out of. She has mentioned buying things with my money. Genuinely what do I do. I want that money for a big trip I am planning for when I am 18 but what if it’s all gone or there is only minimal amounts left. Does anyone have any advice?

Reply 1

Oxford Mum

21

Original post by Anonymous

I know I have money sitting from me that was in a child trust fund with my bank for when I am 18 there is/was quite a lot of money in there from what I know. When my parents broke up my mum went to the bank and took control off the account i’m not sure what she did with it. But i’m pretty sure she made it into an account she can take money out of. She has mentioned buying things with my money. Genuinely what do I do. I want that money for a big trip I am planning for when I am 18 but what if it’s all gone or there is only minimal amounts left. Does anyone have any advice?

Can she actually do this? ie if it is held in trust, surely this will be until you reach a certain age? Maybe go to the bank and verify this, as the trust is held in your name? Find out how much is still in there, if you can. If they can't tell you the details, at least you have tried to find out, which is better than worrying and trying to guess what is happening.

Go on your own to the bank, and take 2 pieces of ID such as passport, national insurance number, library card, something with your name and address on it.

(edited 8 months ago)

Reply 2

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by Anonymous

I know I have money sitting from me that was in a child trust fund with my bank for when I am 18 there is/was quite a lot of money in there from what I know. When my parents broke up my mum went to the bank and took control off the account i’m not sure what she did with it. But i’m pretty sure she made it into an account she can take money out of. She has mentioned buying things with my money. Genuinely what do I do. I want that money for a big trip I am planning for when I am 18 but what if it’s all gone or there is only minimal amounts left. Does anyone have any advice?

If it's a Child Trust Fund your mum might be down as the responsible adult but she won't have been able to access the money. It is only accessible once you turn 18. A few months before you turn 18, your Child Trust Fund provider should contact you (and your parent) to confirm your details and ask how you want to manage the account from your 18th birthday. If your mum is withholding the details of your account from you and you think she will try to take control of it, you can trace it yourself through the following HMRC service and then contact the provider yourself:

https://www.gov.uk/child-trust-funds/find-a-child-trust-fund

Reply 3

Zarek

21

Ask her where the spondulicks is. Or HMRC would be able to help. The fund is in your name so I don’t think it would be easy to pinch. Mind you, you owe her a penny or two for rearing you

(edited 8 months ago)

Reply 4

Oxford Mum

21

Original post by normaw

If it's a Child Trust Fund your mum might be down as the responsible adult but she won't have been able to access the money. It is only accessible once you turn 18. A few months before you turn 18, your Child Trust Fund provider should contact you (and your parent) to confirm your details and ask how you want to manage the account from your 18th birthday. If your mum is withholding the details of your account from you and you think she will try to take control of it, you can trace it yourself through the following HMRC service and then contact the provider yourself:

https://www.gov.uk/child-trust-funds/find-a-child-trust-fund

Absolutely excellent idea.

Reply 5

Aufbau

15

I can confirm what was already mentioned above, if it was a trust or even a child ISA, money is protected and only accessible by named individual or incase of death of individual the next of kin.

If the money was used, it was a normal savings account and therefore your parents could have withdrawn money to pay for basic necessities like clothes, bills and sustenance while you were growing up.

Original post by Anonymous

I know I have money sitting from me that was in a child trust fund with my bank for when I am 18 there is/was quite a lot of money in there from what I know. When my parents broke up my mum went to the bank and took control off the account i’m not sure what she did with it. But i’m pretty sure she made it into an account she can take money out of. She has mentioned buying things with my money. Genuinely what do I do. I want that money for a big trip I am planning for when I am 18 but what if it’s all gone or there is only minimal amounts left. Does anyone have any advice?

I work for a Building Society also I will give you an answer. If it IS a CTF or JISA - your mum couldnt have done that, as its your money and becomes yours at 18.

if she could do it then it wouldve been a regular childrens savings where the controlling adult (who opened it) can withdraw. - not much you can do unfortunatelty. Could always speak to Citizens Advice as eventhough if it isnt a CTF / JISA, that money was meant to be for you.

Child trust fund money

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