What are child trust fund accounts used for?
Child Trust Funds (CTFs) were a type of savings account in the UK, designed to help parents and guardians save for their children's future. They were introduced in 2005 and closed to new accounts in 2011.
Here's what they were used for:
* Saving for a child's future: CTFs were meant to be a long-term savings vehicle, with the money typically becoming accessible to the child when they turned 18.
* Tax-free growth: Interest and dividends earned within the CTF were tax-free, making it an attractive option for saving.
* Government bonus: For a period of time, the government offered a "bonus" to children who had a CTF, which could be a lump sum or a top-up to their savings.
* Flexibility: There were different types of CTFs, allowing parents to choose between cash, stocks and shares, or a combination of both.
Important Notes:
* Closed to new accounts: CTFs are no longer available to open for new children.
* Existing accounts continue: Existing CTFs remain open and continue to benefit from tax-free growth.
* Alternatives: The government introduced the Junior ISA in 2011 as a replacement for the CTF, offering similar benefits.
If you have a child who already has a CTF, you can continue to make contributions to the account until they turn 18. Once they reach that age, they will be able to access the funds.
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