The Child Trust Fund is a savings and investment account that you can open for your child with money that the Government gives you. However, the Government has announced that it will be phasing out the benefit.

You can no longer apply for a new Child Trust Fund because the scheme is now closed.

However you can apply for a Junior ISA instead.

Existing accounts set up for a child prior to the closure of the scheme will continue to attract tax-free investment growth.

The child, friends and family will also be able to continue to invest up to £9,000 a year into the accounts on behalf of the child. However, no withdrawals are possible until the child is 18.

For full details of the Child Trust Fund scheme go to this link.

If you found this useful please share it

Start typing and press Enter to search

Shopping Cart