This information applies to England, Wales, Scotland and Northern Ireland
The Child Trust Fund is a savings and investment account for children. The government used to make payments to a child through this account and your family and friends can also contribute. When your child is 18, they will have access to the account and will be able to spend the money however they like.
However, the government stopped opening any new accounts for children born after 2 January 2011.
Child Trust Fund accounts that have already been set up will continue to operate until your child reaches 18. Your family and friends will still be able to contribute up to an overall total of £3,600 a year.
If your child was born between 1 September 2002 and 2 January 2011 and you are currently getting Child Benefit, they are eligible for a Child Trust Fund account.
How much you get depends on when your child is born.
If your child was born between 1 September 2002 and 1 August 2010, the government made a first payment of £250. If you were getting Child Tax Credit and your income was less than £16,190, your child would have received an additional payment of £250.
If your child was born between 2 August 2010 and 2 January 2011, the government will make a first payment of £50. If you get Child Tax Credit and your income is less than £16,190, the additional government payment will be £50.
The government used to make further payments when a child turned seven but it stopped making these payments to children that turned seven on or after 1 August 2010.
You do not have to claim for the scheme as vouchers are issued automatically to people who are getting Child Benefit for a child who qualifies. However, you do have to open a Child Trust Fund account for your child in order to receive payment.
If you have not opened an account one year after receiving the voucher, the government will do this for you, but your child will lose interest on the money. If the voucher is issued to you on or after 1 January 2012, you only have 60 days to open the account, before the government does it for you.
For more information on Child Trust Funds and Child Benefit, see Benefits for families and children.
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