Child Trust Funds

Child trust funds (CTFs) are savings accounts that were given to all eligible babies born between September 2002 & 2 January 2011. Every account was credited with up to £500 by the Government & parents, relatives & friends were encouraged to add funds to the account. The funds within the account belong to the child & can be withdrawn from their 18th birthday.

Interest credited to the account & withdrawals made from the account are free of tax.

The first individuals who can access their funds turned 18 in September 2020. However, HMRC estimate that around 700,000 accounts are dormant & in some cases the owner of the account may not even be aware that they have it as around 25% of accounts were set up automatically by HMRC.

If you have lost track of a child trust fund or are not sure if you had one in the first place, details of how you can check are here: https://www.gov.uk/child-trust-funds/find-a-child-trust-fund