Child Trust Fund Savings Account
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A Child Trust Fund savings account is one of the three options available for children with a Child Trust Fund.
The Child Trust Fund is an initiative set up by the Government where every child born on or after September 1st 2002 receives a voucher for £250 to invest in a Child Trust Fund.
The money cannot be put into a normal account, it must be a Child Trust Fund; either a Savings account, stakeholder account or an account that invests in shares:
| Children's Mutual Child Trust Fund |  | £10.00 pm | |
| Awarded Best Child Trust Fund (CTF) provider for 2006, 2007 and 2008. Up to £40 of FREE Mothercare Vouchers when you apply online. |
| Engage Child Trust Fund | | £5.00 pm | |
| Engage is one of the UK's leading Child Trust Fund providers. Up to £25 in FREE Boots Vouchers if you set up a Direct Debit Online. |
| Jump Child trust Fund | | £25.00 pm | |
| Jump is a Child Trust Funds savings plan specially designed for children. It is based on Witan Investment Trust. Witan's objective is to create wealth for its investors through stockmarket investment. |
Disclaimer
Please bear in mind that:
- The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
- The list of funds provided above should not be seen in any way as being a recommendation. No advice has been given and you should be aware that any investment which takes place where appropriate will be transacted on an “execution only” basis.
- Full details of the funds, including investment performance statistics and risk profile will be provided in the documentation/brochure sent to you and it is up to you to ensure that you fully understand the nature of investment before proceeding. If you are at all unsure of the suitability of the type of investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
- If you choose a fund which invests overseas, there is the addition of “exchange rate” risk which could reduce any gains or increase losses if the currency moves against you.
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| Jump Children's Savings Plan | | £25.00 pm | |
| Jump is a Child savings plan specially designed for children. It is based on Witan Investment Trust. Witan's objective is to create wealth for its investors through stockmarket investment. |
| Baillie Gifford Children's Savings Plan | | £30.00 pm | |
| A cost effective Children’s Savings Plan, providing an easy way to invest for a child's future through the stock market. The Plan gives you a choice of two ways in which you can invest, choosing from either a Designated Account or a Bare Trust account. |
Disclaimer
Please bear in mind that:
- The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
- The list of funds provided above should not be seen in any way as being a recommendation. No advice has been given and you should be aware that any investment which takes place where appropriate will be transacted on an “execution only” basis.
- Full details of the funds, including investment performance statistics and risk profile will be provided in the documentation/brochure sent to you and it is up to you to ensure that you fully understand the nature of investment before proceeding. If you are at all unsure of the suitability of the type of investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.
- If you choose a fund which invests overseas, there is the addition of “exchange rate” risk which could reduce any gains or increase losses if the currency moves against you.
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All the major banks and building societies now have child trust funds as an investment option. The parent not only has to decide which provider to go with, but also, which type of account to go for – there are three main types:
- Savings Accounts
- Stakeholder Accounts
- Accounts that invest in shares
Stakeholder accounts and accounts that invest in shares have the
potential to make more money by investing your child's cash, but there is an element of risk involved.
If you don’t want to invest in shares, you could choose a Child Trust Fund savings account.
With a
Child Trust Fund savings account, any money you invest is secure. For example if you invest £500, your child will get that sum of money back with interest when they turn 18.
But, although the money earns interest, it might not grow as much as it would if it was invested in shares and as with all accounts, the provider will charge for the cost of running it.
Make sure you look at all the options before deciding which type of Child Trust Fund to go for.