Child Trust Funds
What are they
These are a UK government initiative designed to build up a savings fund for every child in the UK.
The government will make payments to each child through a Child Trust Fund account, into which you, your family and friends can also contribute.
Any child born on or after 1 September 2002 will qualify - provided they are eligible for and receiving Child Benefit.
All the money in the Child Trust Fund account will belong to the child.
They can access the account when they are 18, and will be allowed to spend the money however they like.
How to Start One
To open an account you need to receive a voucher - which should be sent out automatically by the government.
This voucher can be used to open a Child Trust Fund account with an "approved provider".
If a Child Trust Fund account has not been opened for the child within a year of the voucher being issued the Inland Revenue will open a stakeholder account for the child.
The parent will be able to assume responsibility for that account later on, if they so wish.
For more information see the government info
or call the Child Trust Fund Help line on: 0845 302 14 70.
Read the full
guide to UK Childrens Savings