Money Matters Access to Child Trust Funds and Financial Support

Year: 2022
Topic: Adoption, Corporate parenting, Kinship care, Looked after at home, Residential care, Throughcare and aftercare
Author: CELCIS

Child Trust Funds are long-term savings accounts for children that they could manage from when they turn 16, and access from when they turn 18. These were introduced in 2005 by the UK Government for children across the UK, with the government putting money into an account set up on their behalf by their parents or by HM Revenue & Customs (HMRC) when they were born. 

Although these were later replaced by Junior ISAs (Individual Savings Accounts) for children born after 2 January 2011, Child Trust Funds will continue to mature over the next seven years. So eligible children, young people and any adult who supports them, particularly the corporate parents of children with care experience, should be aware of Child Trust Funds. 

This briefing explains how to access Child Trust Funds, and any support that children or young people might need to access or manage their fund.