Child Trust Fund vouchers cannot be put into a normal account, it must be a Child Trust Fund. Anyone can put money into that trust fund – up to a maximum of £1,200 a year – but it cannot be accessed by anyone, including the child, until that child is 18.
The Child Trust Fund was introduced in order to:
ensure children have savings when they reach adulthood
help children get into the habit of saving at a young age
teach children the benefits of saving
help children understand personal finance
Finding the best Child Trust Fund provider is important, because they all offer different options, including basic savings accounts, shareholder accounts and higher risk share investment accounts.
Although it is important to do a thorough comparison before deciding which option to go for, if you do change your mind about the type of account or whether who you have chosen is the best Child Trust Fund provider, you can switch accounts.
