The Student Room Group

Can parents claim money from Child trust fund !

Hi everyone
I am a bit confused on something. My das left me a child trust fund account with £1000 in it. Since he died 4 months ago, my mum has been in control of it. By the way, she did put in £200 so basically 20 percent of the money was from her. I’m currently 17 and my birthday is in 2 months. What I’m worried about is her getting all my money. You see, I used to be a catholic but I stopped believing in god. If I tell my mum I’ve became an atheist she will without a doubt disown me. I haven’t told her yet and I will tell her once I turn 18. Apparently you can claim child trust fund money when you turn 18. If I turn 18 and get disowned by my mum, will she be able to claim my money since dad left her in charge of my account?
Reply 1
Money can't be withdrawn from child trust funds by anybody even named account holders until the Childs account turns 18. At this point when the child turns 18, the account is re-registered under the Childs name and now becomes the property of the child, you should be given a choice of either to invest the money into some form of Cash-ISA or move the money into an accessible savings account.

If you move it into a savings account or a cash-ISA that you could withdraw from under your own name then your parents would have no ability to manipulate the funds in your accounts. Providing they have no control over these accounts and these accounts are yours with them not named as account holders or guarantors.
No, parents can't make any withdrawals from the child trust fund.
As soon as you are 18, you will control it and can decide whether to cash out the money or transfer into an ISA with the same provider.
If your gut instinct is telling you that you need to act now, as you are over 16 you can contact the child trust fund provider to remove your mother's name as ‘registered contact’ for the account and have your name listed instead.

My mother grew up in an ultra-traditionalist catholic family that despised modern life, all other religions and outsiders.
She was disowned, disinherited and almost beaten to death by her father & grandmother for telling them that she was going to marry an atheist.
Listen to your instincts and trust them to keep you safe.

You have the freedom to choose whether to keep your private life private and who to share some elements with.
If you feel that sharing particular details about your life may put your safety at risk- don't do it.
Focus on ensuring that you have access to safe accommodation, enough money to support yourself and a support network.
Good luck!
Reply 3
Original post by londonmyst
No, parents can't make any withdrawals from the child trust fund.
As soon as you are 18, you will control it and can decide whether to cash out the money or transfer into an ISA with the same provider.
If your gut instinct is telling you that you need to act now, as you are over 16 you can contact the child trust fund provider to remove your mother's name as ‘registered contact’ for the account and have your name listed instead.

My mother grew up in an ultra-traditionalist catholic family that despised modern life, all other religions and outsiders.
She was disowned, disinherited and almost beaten to death by her father & grandmother for telling them that she was going to marry an atheist.
Listen to your instincts and trust them to keep you safe.

You have the freedom to choose whether to keep your private life private and who to share some elements with.
If you feel that sharing particular details about your life may put your safety at risk- don't do it.
Focus on ensuring that you have access to safe accommodation, enough money to support yourself and a support network.
Good luck!

Hi
As the child trust fund account is in Natwest, and my mum and my personal bank account is with Lloyd’s, can I create a NatWest account on my own as soon as I turn 18 and transfer my child trust fund account to my then new account?
Reply 4
Original post by Anonymous
Hi
As the child trust fund account is in Natwest, and my mum and my personal bank account is with Lloyd’s, can I create a NatWest account on my own as soon as I turn 18 and transfer my child trust fund account to my then new account without my mum knowing?


Original post by londonmyst
No, parents can't make any withdrawals from the child trust fund.
As soon as you are 18, you will control it and can decide whether to cash out the money or transfer into an ISA with the same provider.
If your gut instinct is telling you that you need to act now, as you are over 16 you can contact the child trust fund provider to remove your mother's name as ‘registered contact’ for the account and have your name listed instead.

My mother grew up in an ultra-traditionalist catholic family that despised modern life, all other religions and outsiders.
She was disowned, disinherited and almost beaten to death by her father & grandmother for telling them that she was going to marry an atheist.
Listen to your instincts and trust them to keep you safe.

You have the freedom to choose whether to keep your private life private and who to share some elements with.
If you feel that sharing particular details about your life may put your safety at risk- don't do it.
Focus on ensuring that you have access to safe accommodation, enough money to support yourself and a support network.
Good luck!

As the child trust fund account is in Natwest, and my mum and my personal bank account is with Lloyd’s, can I create a NatWest account on my own as soon as I turn 18 and transfer my child trust fund account to my then new account without my mum knowing?
Original post by Anonymous
As the child trust fund account is in Natwest, and my mum and my personal bank account is with Lloyd’s, can I create a NatWest account on my own as soon as I turn 18 and transfer my child trust fund account to my then new account without my mum knowing?

Yes.
But remember to sign up for online banking, paperless statements and ask for both your bank card & pin number to be delivered to your local branch for you to pick up.
So that your mother will not see any bank statements or have any way of intercepting your bank card/pin while you share the same address.
Good luck!
Hi everyone
I am in a very stressful situation and don’t know what to do I have a child trust fund account and as I’m 21 it is not turned into a cash builder account I wanted to take money out of it however as I’m beneficiary of the account and my mum is the account holder I cannot withdraw so I asked my mum for permission and she refused stating she will never give me the money ever and that I owe her as I was living in her house for 19 years (which is funny as I remember giving her £400 every month from my own wages when I used to work ) and today when I had gone to my back to discuss what my options are I found out she has taken all the money from my child trust fund account and transferred it to her own account, what do I do ?
Original post by Sonia189
Hi everyone
I am in a very stressful situation and don’t know what to do I have a child trust fund account and as I’m 21 it is not turned into a cash builder account I wanted to take money out of it however as I’m beneficiary of the account and my mum is the account holder I cannot withdraw so I asked my mum for permission and she refused stating she will never give me the money ever and that I owe her as I was living in her house for 19 years (which is funny as I remember giving her £400 every month from my own wages when I used to work ) and today when I had gone to my back to discuss what my options are I found out she has taken all the money from my child trust fund account and transferred it to her own account, what do I do ?

Do you have adult bank accounts in your own name alone that your mother cannot assess because you are 18+? :confused:
Have you ever been in foster care?

Your mother stopped being the account holder on the day of your 18th birthday.
The Child Trust Fund matures and the beneficiary automatically takes over the account.
Until the beneficiary withdraws or transfers their child trust fund money, it stays in an account that no one else has access to.

Quick Reply

Latest

Trending

Trending