What is Child Trust Fund

cherry2017

Is it a savings account which people have to pay in their own money and savings tax?
Or any funds from government?

Emmia

cherry2017 said:

Is it a savings account which people have to pay in their own money and savings tax?
Or any funds from government?

https://www.gov.uk/child-trust-funds

They stopped being offered in 2011 and were replaced with Junior ISAs

Isthisforreal99

They were a product where the government gave £250 on opening and could be funded by family up to £9000 per annum. Only apply to a child born betwen 1 September 2002 and 2 January 2011and mature when the child is 16 and become the property of the child.

mksysb

Isthisforreal99 said:

They were a product where the government gave £250 on opening and could be funded by family up to £9000 per annum. Only apply to a child born betwen 1 September 2002 and 2 January 2011 and mature when the child is 16 and become the property of the child.

It's 18 not 16

DRS1

Ah the good ol' Govt

From the link up above

"The money belongs to the child and they can only take it out when they’re 18. They can take control of the account when they’re 16."

eskbanker

DRS1 said:

Ah the good ol' Govt

From the link up above

"The money belongs to the child and they can only take it out when they’re 18. They can take control of the account when they’re 16."

That wording was retained for JISAs too in the 2011 legislation - it just reflects the fact that 16/17 year olds are deemed able to move the money between providers (or to open an account) but not to actually access their money until 18.