There is a range of Child Trust Fund providers offering the different types of CTF account. Each offers a stakeholder account, and some also offer other accounts.
Don’t forget to check out your high street as CTF accounts are also available from supermarkets and other shops.
Questions to ask providers
Here are some general questions you might want to ask your chosen provider before you open the account:
- Can I manage the account by phone or online or will I need to come into the branch?
- Is there a minimum amount that has to be paid in each time someone contributes to the account?
- How can other people pay into the account?
- Will I be sent regular statements to show how much money is in the account or can I check the value of the account myself from time to time?
- Can I see the policy on social, ethical and environmental investments for this account?
- Is there an annual fee for this Child Trust Fund account and, if so, how much will I be charged for every £100 in the account?
- How will my child’s money grow in this account?
- Who can I talk to if I have concerns about the account once it is opened?
For accounts that invest in shares, you may also want to ask:
- Where can I get more information about the companies in which the money is invested?
- By how much could the account drop in value, and is there any possibility I could lose all the money in it?
- Is there a way to limit the amount of loss so that I don’t lose all the money in my child’s account if the investments do badly?
For savings accounts, it might also be worth asking:
- Is this interest rate fixed for a certain length of time and what happens after that?
- How can I guarantee that I'm always getting the best interest rate for my account?
