Key facts about the Child Trust Fund

a long-term savings and investment account where your child (and no-one else) can withdraw the money when they turn 18
neither you nor your child will pay tax on income and gains in the account
£250 voucher to start each child’s account
children in families with lower incomes will automatically get an additional payment of £250 from the Government. For more information use this link

Qualifying for the additional payment
a maximum of £1,200 each year can be saved in the account by parents, family or friends
money cannot be taken out of the Child Trust Fund (CTF) once it has been put in – once your child is 18 they will be able to decide how to use the money
children can start to make decisions about how the money is managed when they are 16
the Government will make a further contribution when your child is seven - all eligible children will receive a further payment of £250 into their CTF account at age 7, with children in lower income families receiving an additional £250. These payments will be paid around the child's 7th birthday direct into their account
not just one type of CTF account – you choose the type of account you want for your child
at any time you can move the account to a different provider or change the type of account
it will not affect any benefits or Tax Credits you receive.