If you’re turning 18 in the next few weeks, you’ve probably received a letter explaining that your Child Trust Fund is due to mature. On your 18th birthday, you’ll become the legal owner of the account, which means you’ll need to think about what you want to do with your money.
In the coming months, you might be starting work, heading off to uni or mapping out an adventure. Maybe you’ve got plans for your money now, or perhaps you’re looking to the future. Either way, there are a number of different paths you can set your money on and we’re here to help you navigate.
Options for your money
Once you turn 18, no more payments can be made into your Child Trust Fund, but you can instruct us to sell the invested funds and transfer the proceeds into another account. This means you can continue saving, or get access to your money now, depending on your short and long-term plans.
Here’s a round-up of the different accounts, so you can work out what’s best for you.
Most of these options will require you to visit us in person to supply identification and proof of address. Due to the ongoing coronavirus situation, you can’t book an appointment, right now. You can still come into a branch, but you may have to wait, and it might be busier than usual. Please also check the opening times of your local branch before setting off.
HSBC Loyalty Cash ISA
HSBC stocks & shares ISA
ISA with another provider
An HSBC UK bank account
A non-HSBC bank account
A combination of options
If you need further information or advice
You should think carefully about your options in order to make the decision that’s right for you.
HSBC has three different types of investment advice depending on how much you have to invest. Be mindful that investments can go down in value as well as up.
If you’ve still got questions, we recommend you consider taking independent financial advice. Your money will remain in your HSBC Matured CTF account until we carry out your instructions.