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Child Trust Funds And Children's Savings

These belong to your child and are not taken into account when negotiating child maintenance or other financial arrangements.

Children's savings include things like a bank or building society account in your child's name, National Savings and Investments and Children's Bonus Bonds. Make sure you contact the provider, for example, the bank or building society, to tell them about any change of address.

Every child born on or after 1 September 2002 has a Child Trust Fund account. The government paid money into the account when your child was born and adds a further sum when they reach age seven. You, other family members and friends can also add to the account. Until your child reaches age 16, the account is managed on their behalf by a 'registered contact' which is normally you or the other parent. Decide which of you will carry on or take over as the registered contact. Contact the Child Benefits Office to tell them about any changes, including your change of address if you move - the Child Benefits Office will automatically update the Child Trust Fund record. See Child Benefits Office under Useful links for more information about Child Trust Funds.

The Child Trust Fund scheme has now stopped, so no new vouchers will be issued for children born on or after 1 January 2011. Existing vouchers will be honoured and existing accounts will continue to run until the child is 18.

Adam
Read how others coped:
Adam
'We had put some money aside for the older children - but not in any formal way.
It's in a cash ISA in my name at the moment. I don't see how we can afford to set that money aside now, so I'll cash it in if I need to. The youngest has a Child Trust Fund account - but we can't touch that and Mary will carry on looking after that.'

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