Child Trust Fund Account

Account

The Child Trust Fund is a savings initiative which has been introduced by the Government to encourage children and their families to save for the future.

£3,600

-Tax free saving
-No withdrawals until the child reaches 18
-Save up to £3,600 each year until the child reaches 18. Subscriptions can be made by family and friends, even without the passbook.
-The Child Trust Fund will be in the beneficial ownership of the child
-Accounts can only be opened with the Child Trust Fund voucher from HM Revenue & Customs by an individual aged 16 or over who has parental responsibility for the child.
-Interest is calculated daily and is variable. Interest is compounded annually on the child's birthday. An annual statement will be issued.
-Stakeholder accounts must conform to a set of voluntary standards for deposit products set by the Government relating to charges, access and terms of the account. Our cash based Child Trust Fund is non-stakeholder. However, we offer a stakeholder Child Trust Fund through Kingston Unity Friendly Society. Details available from the Earl Shilton Building Society
-The child, or registered contact, may not apply for, or hold, more than one Child Trust Fund for the same child. However, transfers may be made to or from Earl Shilton Building Society without charge
-The Child Trust Fund is a Government initiative and the information pack issued by HM Revenue & Customs should be read prior to opening an account