Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002 and 2 January 2011. Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures.
The savings are not held by government but are held in banks, building societies or other saving providers. The money stays in the account and is held tax-efficiently until it’s withdrawn or re-invested.
The HMRC press release has full details on how to track down a Child Trust Fund and how to access the savings.
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