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Your questions answered about the Child Trust Fund (CTF).
What is a Child Trust Fund?
A Child Trust Fund is a new savings and investment account for children.
Who Qualifies?
Every child born on or after 1 September 2002 qualifies for a CTF account, providing they live in the UK and are not subject to immigration restrictions.
How much?
The Government will start the account with a £250 voucher.
Who does the account belong to?
The money in the account belongs to the child and cannot be taken out until they reach 18.
How do I open an account?
Anyone opening an account on behalf of a child must be at least 16 years old Opening a Child Trust Fund (CTP) account can seem complicated, help is on hand in the shape of an Online Toolkit.
This toolkit has been developed to help guide parents quickly and easily through the process of opening an account. I
If you are a teenage parent you may also want to think about opening a bank account for yourself, if you do not already have one. There are many types of accounts available and the Financial Services Authority (FSA) has produced a helpful leaflet No Bank Account (pdf document) to get people started. If you are unable to download a copy then contact 0845 606 1234.
Advice and Support
For further advice and support you can speak to a Connexions Personal Adviser at our One Stop Shop.
For more Information
For general information visit the Child Trust Fund website or call 0845 302 1470.
For help opening an account, visit the Child Trust Fund online help kit.