Opening an Account

Introduction to Opening an Account

Opening a Child Trust Fund account is easy. All a parent or carer needs to open an account for a child is the voucher sent out by the Inland Revenue. A Child Trust Fund account is a special opportunity for all children and the Government will ensure that all eligible children receive one to help them as they begin their adult lives. Even if a child's parent or carer does not manage to open an account for their child, the Inland Revenue will open one on the child's behalf.

Who can Open an Account?

A parent, or any person with parental responsibility will open their child's Child Trust Fund account. The person who does this - known as the 'registered contact' - is then the main point of contact for the account and will have responsibility for it until the child reaches the age of 16. At the age of 16, the child will take over the responsibility of their account for themselves.

Choosing a Provider

The places that offer Child Trust Fund accounts are called 'providers'. There are many providers to choose from, and all have been approved by the Inland Revenue. It is important to choose the right provider for a child's account.

Types of Account

There are many different types of account to choose from. There are low-risk accounts and there are accounts with higher risks but each type is tax-free and has its own set of benefits and all have been approved by the Inland Revenue. Every account is a long-term investment and can only be touched by the child when they are 18 years old. This is to help the account to grow.

How you set up an Account

Setting up a Child Trust Fund account is simple. All you need is the voucher, which you should receive directly from the Inland Revenue. Click here for more information about the voucher or click here to invest your voucher.