Child Trust Fund

"Give your child a flying start to adult life"

Why not help your child prepare for future adult life by opening a Child Trust Fund account with your friendly local Credit Union? 

This is a government-regulated savings account, designed to provide a nest-egg for youngsters when they reach the age of 18. It could help them buy their first car, support them through university or even put down a deposit on their first house.

The Government starts the account off by posting official green vouchers worth £250 (minimum) to parents when the child is registered for Child Benefit. The vouchers are only available to children living in the UK who were born on or after 1st September 2002. 

Relatives or friends can top up the savings to a maximum of £1,200 each year, but the child can only access the money when they reach 18.

You can transfer in a Child Trust Fund held with another provider.  Download the Transfer Form below.

Key features of this account are:

• Cash savings account
• A safe and ethical way to save
• Easy ways to make top-up deposits
• Yearly return (dividend) added to the account (3.00% in 2009)
• Annual statements
• No set up or closure costs
• No minimum contributions

There are different types of CTF accounts:

• Hull & East Yorkshire Credit Union now offers our own Cash Savings Child Trust Fund account. The funds in this account do not rise or fall with the stock market, £1 in means £1 out (plus dividend) when your child is 18.  This exciting new account was officially launched on 11 March 2009 and is already proving very popular, so please enquire for full details! 
• Alternatively you can apply for a STAKEHOLDER Child Trust Fund through our partnership with Scottish Friendly, one of the UK’s leading friendly societies. Phone them on 0800 955 5995 for an information pack if this option interests you.

Recent Government changes which may affect you:

From August 2010 -

• CTF vouchers will be reduced from £250 to £50 (higher income families), and from £500 to £100 (lower income families).
• The £250 top up at age 7 is to stop.

From January 2011 -

• CTF vouchers will stop. Any child born before this date is still eligible.

No other changes have been announced.

We will still be able to accept transfers of Child Trust Funds from other providers after these dates.

Please click on the links below to download Application form and Terms & Conditions for HEYCU Child Trust Fund Account

Download Child Trust Fund Application form (1951.8kb)

Download HEYCU Child Trust Transfer Application Form (121.5kb)

Download Child Trust Fund Account Terms and Conditions (42.8kb)