Let’s Talk Money: Child Trust Funds
If you were born between 1 September 2001 and 2 January 2011 and your parents or guardians received child benefit, you could be entitled to more than £500 at the age of 18.
What is a Child Trust Fund?
A Child Trust Fund (CTF) is a tax-free saving account which was automatically set up for you as a baby. The government provided a cash voucher for every child born between 1 September 2001 and 2 January 2011 up to £500 (depending on the household income) into a Trust Fund.
The aim was that these could be added to by parents or guardians or left to mature. Once the child reaches 18 years of age, the money in the account belongs to them! Most accounts were opened with at least £250, so with interest or investment growth, this could be worth a lot more now.
Child Trust Funds have since been replaced by Junior ISAs, so only existing accounts remain.
How do I find my Child Trust Fund?
To reclaim your Child Trust Fund (CTF), you should contact the bank, building society or investment provider it’s with. If you don’t know, HM Revenue & Customs (HMRC) has a handy tool where you can find out which provider your CTF is with.
This money could be used for starting university or college, pay towards a car or holiday! The money is yours to do as you wish and you could even transfer it to an ISA for when you are older to help towards a deposit for a home.
CTF guide on MoneyHelper website
‘Do One Thing’
If you ‘do one thing’ this Talk Money Week, get in touch with a member of our Welfare Advice Team.
Clodagh, Daniel and Hayley are qualified benefits advisers and can help you locate and claim your Child Trust Fund.
Tel: 028 7130 4800
Email: welfareadvice@apex.org.uk
