A £250 voucher opened on the day the scheme launched at Santander (but now managed by One Family) is now worth £318.50. Rates have fallen, but remain surprisingly high compared with most other accounts: Nationwide is paying 3.25%, and Santander 1.75%. In 2005, Abbey (now Santander) offered 5% interest (those were the days) and Nationwide 4.75%. Parents could either open a Child Trust Fund at a bank or building society – and leave it to earn interest – or put it into a stock market-based fund. So if they spend the lot on an iPhone X (RRP £999) there’s little you can do.Ī mixed picture. But at 16 they can take control of the account. Once you have submitted your request, HMRC promises to get back within 15 days. Go to the gov.uk website and follow the links. It should only take a few minutes to put in a request to HM Revenue & Customs. How do I find out if my child had a Child Trust Fund?
Our calculations indicate there are nearly 400,000 lost accounts belonging to these children, with a combined value of circa £600m.” It says: “Those receiving child tax credit suffer a 33% ‘lost’ rate. But babies born between 31 August, 2002 and 31 July 2003 into low-income families should have a fund worth £1,000.Īccording to the Share Centre, which is coordinating an awareness campaign around the issue, children from the poorest homes are the worst-affected by this “addressee gone away” problem.
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Most of the “free” money in CTFs will be just £250, plus interest or dividends. So if a voucher was (mostly) £250, how is it worth £1,000 today? Parents could also “top up” a trust fund. The bonus paid at age seven was also stopped for those who had reached that age after 1 August 2010.īut, crucially, the trust funds already in existence – 6m – were allowed to continue, but without further government contributions. It did … for children born on or after 1 January 2011 and replaced them with Junior Isas, but these did not come with the £250/£500 vouchers. The chancellor said the aim was to ensure “every child has assets and wealth, and that no child is left out”.
For most, the initial payment, in the form of a voucher, was £250, with £500 to those from the poorest third of families.Īt seven, they would receive a second voucher, either £250 or £500, depending on parental income. Every child born after 31 August 2002 was awarded a cash “endowment”. The then chancellor, Gordon Brown, launched them in 2005, back-dating the first to children born in 2002. Our guide will help reunite you with the money.