Below is a list of questions that are answered in this section.
Questions
My child was born before 1 September 2002. Can I still open a Child Trust Fund (CTF) account for them?
What do I have to do to get a CTF voucher?
Do I have to be a parent to open or manage a CTF account?
How long do I have to open a CTF account?
Answers
Q. My child was born before 1 September 2002. Can I still open a CTF account for them?
A. No, you can only open a CTF account for eligible children born on or after 1 September 2002. But there are many saving and investment accounts available that are suitable for children - from providers such as banks, building societies, insurance companies, friendly societies, credit unions, fund managers and others. For more information use the following link
More information if your child is not eligible
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Q. What do I have to do to get a CTF voucher?
A. All you need to do is claim Child Benefit for your child. The CTF voucher will be sent out to you automatically once you start receiving Child Benefit.
More about Child Benefit on the HM Revenue & Customs website
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Q. Do I have to be a parent to open or manage a CTF account?
A. No. If you are over 16 and have parental responsibility for the child then you will be able to open and manage that child’s CTF account.
A parent or person with parental responsibility (a legal term meaning someone with the rights and duties of a parent) for the child can open a CTF account. Only one person can be responsible for looking after the account for a child under 16 and they are called the registered contact.
More information on parental responsibility
More information about the registered contact
Q.How long do I have to open a CTF account?
A.12 months from the date your voucher was first issued. The exact expiry date is shown on the voucher. When you first apply to open an account there may be a cooling off period before the account opening process is completed. This gives you the chance to change your mind and open a different account without penalty. But it also means that the account is not opened until the end of the cooling off period and so money cannot be paid in until then. The maximum amount that can be put into the account each year is £1200. The start date for each year is your child’s birthday, except in the first year when the start date is the day the account is opened and the end date is the day before your child’s next birthday. So if you wait until close to your child’s birthday before starting the account opening process, you could lose one year’s £1200 contribution limit if the cooling off period ends after your child’s birthday. You will need to check the exact details with your chosen provider.
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