How Do You Set Up A Child Trust Fund?
The Child Trust Fund is a UK government initiative designed to help children and their parents save for their future and give the child a better start to their adult life. Each child born after September 1 2002 and whose parents claim Child Benefit will receive a voucher of £250 to be paid into a CTF account that the child can claim when he or she turns 18 years old. Apply for Child Benefit when your child is born. It is a tax free monthly payment to which anyone who is bringing up a child is entitled. You can make your claim application online at the Inland Revenue website. Wait to receive your Child Trust Fund voucher and information pack automatically shortly after you make your Child Benefit claim. Parents of low income families will also receive an additional payment of £250. Decide the type of account that is most suitable. A simple savings account depends on current Bank of England interest rates. Stakeholder or share option accounts pose a bigger risk but generally provide grea
