Saving for your child's future. You can trust us to help
On 24 May 2010 the Government announced it intended to reduce and then stop payments to Child Trust Fund (CTF) accounts. The first stage of these changes came into effect from August 2010.
Eligible children, born on or after 2 August 2010, should receive a CTF voucher from the Government for £50. A child in a low-income family may also be eligible to receive an additional payment of £50 into their CTF account. To receive a CTF voucher the child's parent must claim Child Benefit by 31 March 2011.
Children whose 7th birthday falls on or after 1 August 2010 will no longer receive the additional payment from the Government of £250 into their CTF account. Children whose 7th birthday falls before 1 August 2010 will still be eligible to receive this payment.
The Government has also proposed to introduce legislation to stop CTF's altogether. Children born after 31 December 2010 will no longer be eligible for a CTF and will not receive a voucher from the Government.
If you already have a CTF voucher to invest, you can still use it to open a CTF account up to the expiry date shown on the voucher. If you fail to do so HM Revenue & Customs will open an account on your child's behalf. The account will receive a payment from the Government at the level shown on the original voucher.
Accounts set up for eligible children will continue to benefit from tax-free investment growth and no withdrawals will be possible until the child reaches age 18. Family and friends will continue to be able to contribute up to an overall total of £1,200 a year into the CTF, and it will still be possible to change the type of account and/or move the account to a different provider.
Which kind of Child Trust Fund is right for you?
Skipton
Building Society offers you a choice of either a stakeholder or cash Child Trust
Fund. We have teamed up with Family Investments to provide our stakeholder CTF
account.
Find out the difference between our stakeholder Child
Trust Fund and cash Child Trust Fund.
Find out more about Family Investments.
Request an application pack or apply
Read our 'Our Skipton Child Trust Fund Key
Features Document' for further information
To apply or to request a stakeholder CTF application pack please click here
or call Family Investments on 0800 028 3380†
This CTF is provided by Family Investments. Neither Family Investments or Skipton
Building Society is able to give you financial advice on the suitability of this
product. If you have any doubts you should seek independent financial advice.
Skipton Building Society offers a stakeholder CTF through Family Investments, a
trading name of Family Equity Plan Limited (Co. No. 2208249). Authorised and
regulated by the Financial Services Authority (FSA) under registration number
122351. Registered office in England and Wales at: 16-17 West Street, Brighton,
East Sussex BN1 2RL.
†Calls may be recorded for training purposes