Child Trust Funds

hound_doggoldie

I have to set up a new Child Trust Fund but the high street banks seem to have stopped providing them. Are there any institutions that provide these

kaMelo

When you say a child trust fund do you mean a simple bare trust savings account or an actual trust account because, for example, the child has been left money in a will which stipulates they cannot access the money until age xx?

hound_doggoldie

Ka Melo. An actual trust account that the child cannot access until age xx

xylophone

What exactly are the terms of the will?

https://forums.moneysavingexpert.com/discussion/6649059/childs-inheritance-advice-needed

https://www.suffolkbuildingsociety.co.uk/savings-products/family-tree-trust-saving-for-children-under-18-years-2/

https://www.skipton.co.uk/savings/childrens-savings-accounts/childrens-saver

https://www.harpendenbs.co.uk/savings/trust-accounts/

poseidon1

Worth pointing out that of the accounts listed in @xylophone's post, only Skipton's child saver account offers anything like a half decent interest rate.

However, it is restricted to bare trusts where the trust beneficiary becomes entitled to the cash at age 18, and there is a maximum balance of £20k.

Therefore OP, if the terms of tbe trust requires trust capital to be withheld beyond age 18, and there is more than £20k to be invested, National Savings growth bonds maybe more suitable, and pay a higher ( guranteed) interest rate. However you would still need to source a current account to facilitate access to the NSI product.