Child Trust Funds
Child Trust Funds
Child Trust Funds (CTF) was introduced by the government in 2005 as an initiative that offers tax-free savings and investments for children born after September 2002 who are eligible for Child Benefit. It can be based on a cash-based account, stocks and shares or a stakeholder.
Children are given a £250 voucher by the government to help start them off with their savings, and then another £250 when they reach the age of 7. From this point onwards, friends and relatives can add to the account up to a maximum of £1,200 per year.
Once the child reaches the age of 18, the Child Trust Fund will close and the funds will be made available to them. Alternatively funds may be transferred to an ISA or the money can be invested in a deposit account or a stock and shares based CTF account.
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