Child Trust Funds
Child Trust Funds were introduced in 2005 and any child born in or after September 2002 are eligible.
They offer a voucher worth £250 to open a savings and investment account which the child can access when they reach the age of 18.
As well as providing all parents a way of saving for the children’s future, the funds give youngsters a ‘nest egg’ for when they reach adulthood and help teach children about personal finance and saving.
A total of 7,045 children in the Streatham constituency now have Child Trust Fund accounts set up, although a further 2,581 vouchers have been left unclaimed by parents. For parents who do not claim the £250 and open a Child Trust Fund, an account is set up on behalf of the child so parents can subsequently claim the Child Trust Fund if they have not done so already.
Further information about setting up a Child Trust Fund for an eligible child can be found on the Child Trust Fund website, along with a list of providers for managing the account.
