The Child Trust Fund was a savings and investment account that you could open for your child with money that the Government gives you. They have now been replaced by Junior ISAs.
Child Trust Funds (CTF's) are long-term, tax-free savings accounts and were set up for every child born between 1 September 2002 and 2 January 2011, with the government contributing an initial deposit of at least £250. Funds can be withdrawn once the account matures when the child turns 18.
The Child Trust Fund scheme closed in 2011. You can apply for a Junior ISA instead (see below).
The child, friends and family will be able to continue to invest up to £9,000 a year into an existing Child Trust Fund on behalf of the child. However, no withdrawals are possible until the child is 18.
You can decide to transfer a Child Trust Fund to a Junior ISA which will likely attract a higher rate of of interest.
For full details of the Child Trust Fund scheme go to this link.
Further details including how to trace a lost Child Trust Fund are available at the following links:
Junior ISA's
Junior Individual Savings Accounts (ISAs) are long-term, tax-free savings accounts for children aged under 18.
Your child cannot have a Junior ISA as well as a Child Trust Fund. If you want to open a Junior ISA ask the provider to transfer the trust fund into it.
Full details of Junior ISA's is available from GOV.UK.
More information on Junior ISAs is available at:
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