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The government's new savings
scheme for children has been launched. Children born on or after September 1st 2002
will receive £250 each, rising to £500 for low-income families (those whose
income is less than £13,480 pa). The money, in the form of a voucher, must
be invested in a recognised Child Trust Fund, and may be topped up
by relatives and friends to a limit of £1,200 a year. The money
cannot be accessed until the child is 18 years old. For more details about how
the funds will work and which organisations will be offering them, click here.
For information on which funds are offering the best deals, try www.moneysavingexpert.com or go to an independent
financial advisor. About the Child
Trust Fund The Child Trust Fund (CTF) is a long-term savings and investment
account for children. The Government has introduced the CTF to: · Ensure your child has
savings at the age of 18. · Help your child get
into the habit of saving. · Teach your child about
the benefits of saving. · Help your child
understand personal finance. |
