Next steps for your Child Trust Fund

How to continue saving in an ISA with MyPlans

Once you have activated your MyPlans account and turned 18, you are ready to make your choice.

1. Login to your MyPlans account and click on the ‘Make my choice’ button in the yellow banner.
2. You will then get to choose whether you would like to reinvest into an ISA (and continue to save) and/or how much you would like to withdraw (encash). Remember you can do a bit of both, but if you do not want to withdraw leave this as £0.00.
3. We then just need you to check your details, and update any we have missing.
4. If you would like to add any more money you will then get the chance to add your bank details and how much you would like to save.
5. Finally, all you need to do is review your information and read the documents. We may require further verification of you, if we do, you will be asked.

Your CTF will then be invested into an Adult ISA and you are able to continue saving for your future, with the option to add money and make withdrawals at any time. You can also add our Lifetime ISA to save towards your first home.

Once you have made your choice your account balance will show as £0 - don’t worry, this means your request is processing and will be complete soon.

Non-UK resident? You can still move your savings into an ISA however you cannot contribute into the Plan or add a Lifetime ISA element unless you become a UK resident again.

What is an ISA?

An ISA is a savings pot for adults to save towards their future tax-efficiently (safe from the tax man). There are 4 types of ISAs for adults; Stocks and Shares ISA, Cash ISA, Lifetime ISA and Innovative Finance ISA. The Government sets an ISA allowance each tax year, this amount can be saved into one ISA or a combination, but only one of each ISA can be contributed to each tax year.

Our ISA

The Foresters ISA is a Stocks and Shares ISA, just like your Stocks and Shares Child Trust Fund (CTF) - which, at 18, will be referred to as your Matured CTF ISA.

You can reinvest your CTF savings to our Stocks and Shares ISA without it counting towards your yearly ISA allowance of £20,000.

Once your ISA is opened you can withdraw and add money as and when you can, from as little as £20.

Parents can contribute to your ISA to help you save, and single contributions which make for a great present on special occasions like birthdays & graduations.

Unlike other providers, we only have one simple charge of 1.5% and we do not charge for transfers or withdrawals.

Our ISA invests in a fund which is professionally managed by Schroders. They use their expertise to identify investment opportunities in the UK and worldwide and make the investment decisions on your behalf.

The fund has a conservative strategy, meaning no more than 60% of the investment is in shares – reducing the effects of market fluctuations but giving the opportunity for growth. The rest of the fund invests in government bonds, fixed income and cash. The fund also follows a sustainable investment approach, considering the impacts to the environment. The fund is called the Foresters Stakeholder (Schroders) Managed Fund for our ISA.

Coming soon...
A climate change fund and a Shariah ISA.

Want to save for your first home?
Once you reinvest in our ISA you have the option to open a Lifetime ISA, perfect for if you’re looking to save for your first home. What is a Lifetime ISA? 

Find out more on our ISA

Why saving is important

It is easier to save when you have a pot of money already, no matter how big or small it is. Your savings could help you save for your future goals, whether that’s a new car, your first home or even travelling the world. Whatever your goals are, with an ISA, you have the option to withdraw at any time.

40% of 22-29 have no savings at all, so why not start early to give yourself financial security and to make the most of your future.

The average age of a first-time buyer in the UK is 34 years old. This is 6 years older than the average age of a first-time buyer in 2007, which was 28 years old. So if you’re looking to buy your first home, you’ll need an average deposit of £46,200 (based on first-time buyers in 2019). The Lifetime ISA benefits from government contributions which could give you a boost when saving for your first home (LISA rules apply).

At age 18 you will have access to your savings and can make a withdrawal (encashment) if you wish.

By making a full withdrawal (encashment), your Plan with us will close. We have a duty to ensure that we pay only you as the Planholder, so you will need to have a bank account in your name for us to make the payment. Any money encashed will be free from UK taxes.

Once we have completed security checks, withdrawals take 3 to 5 days to process. This means your MyPlans account may show as £0 after you have made the full withdrawal. If you haven’t received the money after 5 days please contact us.

How to access my money with MyPlans

Once you have activated your MyPlans account and turned 18, you are ready to make your choice.

1. Login to your MyPlans account and click on the ‘Make my choice’ button in the yellow banner.
2. You will then get to choose whether you would like to reinvest into an ISA (and continue to save) and/or how much you would like to withdraw (encash). Remember you can do a bit of both, but if you want to withdraw it all leave this ISA box as £0.00.
3. We then just need you to check your details, and update any we have missing.
4. Next you need to provide your bank account (this can be UK or non-UK).
5. Finally, all you need to do is review your information. We may require further verification of you, if we do, you will be asked.

Once you have made your choice your account balance will show as £0 - don’t worry, this means your request is processing and will be complete soon.

If you choose to withdraw all the money your Plan with us will close, we will still be here if you want to start saving in the future.

Non-UK resident? When you withdraw the money, you should be aware that the amount you receive may be subject to taxation by the tax authority of the territory in which you live, international charges and exchange rates.

Want to spend some of your money whilst still investing in your future? You can choose to withdraw any amount and can reinvest the rest into our ISA.

Find out more on our ISA

How to continue saving in an ISA with MyPlans

Once you have activated your MyPlans account and turned 18, you are ready to make your choice.

1. Login to your MyPlans account and click on the ‘Make my choice’ button in the yellow banner.
2. You will then get to choose whether you would like to reinvest into an ISA (and continue to save) and/or how much you would like to withdraw (encash). Remember you can do a bit of both.
3. We then just need you to check your details, and update any we have missing.
4. Next you need to provide your bank account (this can be UK or non-UK).
5. If you would like to add any more money you will then get the chance to add how much you would like to save.
6. Finally, all you need to do is review your information and read the documents. We may require further verification of you, if we do, you will be asked.

Once you have made your choice your account balance will show as £0 - don’t worry, this means your request is processing and will be complete soon.

If you choose to withdraw all the money your Plan with us will close, we will still be here if you want to start saving in the future.

Non-UK resident? You can still move your savings into an ISA however you cannot contribute into the Plan or add a Lifetime ISA element unless you become a UK resident again. When you withdraw the money, you should be aware that the amount you receive may be subject to taxation by the tax authority of the territory in which you live.

Still not sure on what to do with your savings? That’s okay, you can leave the money as it is and it will continue to invest in the same fund. You can still activate your online MyPlans account to view the Plan value and performance.

Please note contributions cannot be made after age 18, unless you reinvest in an ISA. This means all payments from family and friends will stop too.

Need help making your decision?

Speak with a Financial Adviser