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Child Trust Funds

A Child Trust Fund (CTF) is a long term, tax-free savings account which parents and legal guardians can open for children born between 1 September 2002 and 2 January 2011 to help them start their adult life with savings. You cannot open a new CTF with us.

How Child Trust Funds work

  • Earn 3.00% tax-free interest changing to 2.93% (AER variable),  on 22/10/2025 annually.
  • You can deposit money into an existing CTF until the child is 18 – the maximum you can deposit tax-free is £9,000 each birthday year (the 12 month period from the the child’s birthday each year to the day before their birthday the following year).
  • You can transfer a CTF to another provider or to a Junior ISA – a child can only have one CTF or Junior ISA in their name at any time.
  • Before the child turns 16, parents or legal guardians act as the registered contact and look after the CTF on the child’s behalf.
  • Once the child turns 16, they can choose to become the registered contact and take control of the CTF when they want, otherwise the parents or legal guardians will continue to do so until the child turns 18.
  • Funds in the account can't be withdrawn until we transfer the CTF to the child’s name when they turn 18.

  • What happens to your Child Trust Fund when you turn 18

Shortly before you turn 18, we’ll write to you (and your parents or legal guardians if they’re still recorded as your registered contact) to explain what’s next.

On the day you turn 18 (or the next business day):

  • we’ll automatically transfer the account to a Matured Child Trust Fund account which pays a lower interest rate – it will be in your name and only you can control it
  • the money in the account will keep its tax-free status and continue to earn tax-free interest until you let us know what you’d like to do with it.

We simplified our range of savings accounts by bringing them all under the single brand of The Co-operative Bank.

If you had a Britannia Child Trust Fund or Matured Child Trust Fund account, your account is still open but we transferred it to a Co-operative Bank account.

Making final payments before your Child Trust Fund account matures

When a Child Trust Fund matures, no more money can go into the account.

The latest date money can be paid in is:

  • for cheques – at least four business days before the maturity date
  • for any other payments – at least one business day before the maturity date.

Any payments made on a weekend or bank holiday will be treated as having been sent on the following business day.

You should also make sure that any future-dated payments (such as Direct Debit or standing orders) that would be received on or after the child's 18th birthday are cancelled.

Matured Child Trust Fund account overview

With our Matured Child Trust Fund account, you:

  • cannot make any more deposits
  • will earn 1.53% tax-free interest (AER variable), changing to 1.46% on 22/10/2025, on the money already in the account
  • must withdraw the full amount in one go, although you can do this across multiple transactions.

Before you can do anything with the money in the account, you’ll need to let us know what you want to do.

Your options for withdrawing your money are any combination of:

  • request an ISA transfer to move money to an ISA with us or another provider (which makes sure this money keeps its tax-free status) – see our ISAs
  • request a bank transfer to move money to a savings or current account with us or another provider (which means this money will lose its tax-free status) – see our savings accounts and our current accounts
  • request a cash withdrawal or cheque payment (which means this money will lose its tax-free status).

We’ll only accept instructions from the child. The account will close when all funds are withdrawn.

How to access your Matured Child Trust Fund account

Once you’ve decided what you want to do, you’ll need to let us know and be able to prove your identity.

Let us know what you want to do

You’ll need to complete an intentions form. Then you can:

  • bring it to a Co-operative Bank branch
  • post it to us using the prepaid envelope provided in your maturity pack
  • post it to us using your own stamped envelope, addressed to Co-operative Bank, PO Box 4931, Swindon, SN4 4PL.

We cannot take instructions from you over the phone.

Maturity Intentions Form (PDF)

Prove your identity

Before you can access the money in your account, we’ll need to verify your identity.

We'll need two documents from you – one proof of identity and one proof of address. Just make sure:

  • you have your original documents if going to a branch
  • you have certified copies if sending by post.

  • You do not need to provide these documents if both:

  • you’re withdrawing all your money by cheque in your name only
  • your name and address are the same as the one we currently hold for you.

Provide proof documents in branch or by post

Note: using Onfido to provide proofs is not available as an option for Child Trust Fund accounts.

Do you already have an existing account with us?

We ask you to provide proof documents when you apply for an account with us.

If you successfully open a new account (or if you already have an account with us other than your Child Trust Fund or Matured Child Trust Fund), we can check your record so you will not need to provide proof documents again.

Explore our savings accounts and ISAs

Savings terms explained

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.

Business day is usually Monday to Friday excluding bank holidays.

Calculated daily means the interest earned is based on the amount of money in your account at the end of each business day

Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.

Fixed interest means the rate stays the same until the account matures.

Gross is the rate of interest payable before any tax is taken off.

Tax-free means you will not pay any tax on your interest.

Tax year runs from 6 April to 5 April.

Variable interest means that it could go up or down.

Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

Find out more about Financial Services Compensation Scheme | This will open in a new tab

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please read further information on the FSCS scheme here or visit their website.

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