1. Overview

A Child Trust Fund (CTF) is a long-term tax-free savings account for children.

You can’t apply for a new Child Trust Fund because the scheme is now closed. You can apply for a Junior ISA instead.

If you already have a Child Trust Fund

You can continue to add up to £4,080 a year to your CTF account. The money belongs to the child but can’t be taken out until they’re 18. They can take control of the account when they’re 16.

There’s no tax to pay on the CTF income or any profit it makes. It won’t affect any benefits or tax credits you receive.

If you don’t know which provider your child’s CTF is with, you can find out where it’s held.