Child Trust Fund

This account might be right for you if:

  • you have an existing non-stakeholder Child Trust Fund with another provider
  • you'd like to transfer it to us to keep saving tax-free until the age of 18
  • you're aged 16 to 18, or applying for a child if you have parental responsibility.

This account might not be right for you if:

  • you don't have an existing non-stakeholder CTF to transfer
  • you need access to your savings before the age of 18
  • you'd prefer a fixed rate that's guaranteed for a set amount of time.

Summary Box

Account name Child Trust Fund Issue 3
What is the interest rate?
Annual Interest 2.50% tax-free pa/AER
Interest is earned daily and paid annually the day before the child's birthday.
Monthly Interest: No monthly interest option available.
Can Skipton Building Society change the interest rate?
  • Yes, the interest rate is variable, so it can go up or down, but it's guaranteed to never fall more than 1% below the Bank of England base rate.
  • You'll find full details of this and the reasons why we might change the interest rate in section 22 of our Savings Account Terms and Conditions explains why we may change the interest rate.
  • If the interest rate ever goes down, we'll always write to you in advance to let you know.
What would the estimated balance be after 12 months based on a £1,000 deposit?
  • The estimated balance after 12 months would be £1,025 assuming that:
    • the account is opened with £1,000 and interest starts being earned straight away
    • no further deposits are made
    • the interest is paid annually and added to the account
    • the interest rate stays the same for the full 12 months.
  • Estimated balances are for illustrative purposes only and may be less for accounts opened by debit card or cheque.
How do I open and manage my account?
  • This account is only for customers who want to transfer their existing CTF from another provider, and can be opened and managed in branch or by post.
  • You can apply to open this account if you're 16 or over, or on behalf of a child if you have parental responsibility. You would be the 'Registered Contact' for the account and would be authorised to operate the account until the child's 16th birthday. At that point the child would become responsible for managing their CTF and the Registered Contact would no longer be able to operate the account.
  • You can pay in until the age of 18 by cash (branch only), cheque, transfer from another account, electronic payment (but not direct debit), debit card or standing order.
  • You can save from £1 up to the total annual CTF allowance, which is £4,260 for the 2018/2019 tax year which begins on the child's birthday each year.
  • Only one child per account and only one CTF per child.
Can I withdraw money?
  • No, you can't withdraw money until the child is 18, at which point only the child will be able to withdraw their savings.
Additional information
  • When the child reaches 18, we'll add any interest due to the account and then automatically transfer the money into an easy access account for adults. We'll write to them in advance with full details of the new account and with any other options available at the time.
  • AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. The AER allows you to compare the interest rates on savings accounts. The higher the AER, the better the return on your savings.
  • All CTF interest is exempt from Capital Gains Tax and Income Tax and is paid tax-free. Tax rules may change in future.
  • Accounts can be withdrawn from sale at any time and without notice.

If you are not satisfied with our services we have an internal complaints procedure. For more information please call us on 0345 850 1722, ask in branch or visit our Complaints page.

The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4567.

For products and services bought online you can also refer to the Online Dispute Resolution platform (ODR) at As we're a UK building society, the ODR will still refer you to the Financial Ombudsman Service as the alternative dispute resolution body. The Financial Ombudsman Service will refer you back to our complaints process unless you've already been through this.

Need help?

If you have a question or need help deciding then you can phone, email or call into a branch - we're always happy to help.

Call us on 0345 850 1722
Our lines are open Monday to Thursday 8am-8pm, Friday 8am-5.30pm and Saturday 9am-12pm.


Things to know before you apply

  • This account can only be opened and managed in branch or by post.

If you are a new customer - where possible, we use an electronic verification system to verify your identity and address, however we can't do this for postal applications, for children under 18 in England, or if you are not on the electoral roll for your current address. For full ID requirements please see our Proving your identity [PDF] document.

It is important that you read the terms and conditions carefully. These contain the details of your agreement with us and any charges for these accounts and we will rely on them for our relationship with you.

Visit your local branch for further information and to open this account.

Branch finder

This account can be opened by post, download the paper application form below and return with your cheque to the address shown.

Return your form to:

Customer Delivery
Skipton Building Society
The Bailey
North Yorkshire
BD23 1DN

Financial Services Compensation Scheme

Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

FSCS - Protecting Your Money
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