Am I eligible for the Childs Trust Fund?
If you were born between 1st September 2002 and 29th January 2011 you may be entitled to receive some money from HMRC!
Who are the HMRC?
HMRC stands for Her Majesty’s Revenue and Customs and they are essentially a team within the Government that is responsible for collecting peoples taxes and make sure everyone is paying the correct amount of tax and simply collection of all the money that pays for the UK’s public services. These public services include paying police officers, firemen and nurses and doctors working for the NHS.
What is a Childs Trust Fund?
A Childs Trust Fund is a pot of money that the HMRC created for babies born between 1st September 2002 and 29th January 2011 in order to help make sure they have some form of savings for when they reached the age of 18 and became an adult.
This week marks the first day, 18 years later, from when the first Childs Trust Fund was made available, and therefore those turning 18 will be able to claim their money saved in their ‘pot’.
Do I have a ‘pot’ waiting for me?
If you were born between the above dates then there will be a savings pot saved for you! If you ask your parents or guardian they may have the details but do not worry, if they weren’t aware of the scheme you may still be able to receive a sum of money to receive on your 18th birthday! HMRC automatically enrolled eligible babies to the scheme and puta minimum of £250 into the account.
How to I make the most out of the Childs Trust Fund?
If you are not 18 yet, it is still possible to save more money in to the account.
With the trust fund the more you put in creates potential for the money you will get out. Some people might choose to invest their pocket money or ‘spend half and save half’ of their Birthday or Christmas gift money. The fund is an investment, meaning it may grow in value over time and the amount you put in may or may not have increased by the time you come to cash it in.
I want to have more control of my Trust Fund
If you are 16 you are able to take over control of the Child Trust Fund account and whilst you cannot withdraw any money until you are 18, you will be able to meaning you would be responsible for putting money into the account instead of your parent or guardian. You would also be responsible for contact your Child Trust Fund provider should you ever have any questions.
I am about to turn 18, what happens next?
On your 18th Birthday you will be allowed to take out the money from the account. It is then your choice what you do with the money! You may choose to spend it on supplies for uni or you may choose to reinvest it into an adult savings account.
For more information click here.
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