A parent, or any person with parental responsibility can open their child's Child Trust Fund (CTF) account. The person who does this is known as the registered contact, becomes the main point of contact for the account and will have responsibility for it until the child reaches the age of 16. At the age of 16, the child will take over responsibility for their own account.
The registered contact is the only person who can tell a provider, such as a bank, building society, friendly society or credit union how to invest the funds and run the account. The registered contact will be sent annual statements so it's important to let providers know if you change your address.
The registered contact can move the CTF account to another provider or change the type of account.
