Liverpool news Your child could have £1,000 in savings you never knew about MetiNews.Com
MetiNews.Com - Children could have up to £1,000 in a Child Trust Fund
Breaking News ! Your child could have hundreds of pounds stashed away in a bank account you're probably not even aware of. Children born between September 1, 2002, and January 2, 2011 were enrolled in the Child Trust Fund and could have £1,000 in an account from the government. The fund was introduced in 2005 and gave children £250 when they were born and a further £250 when they turned seven. Families on low incomes were awarded double that amount, meaning they could have £1,000 in an account. Most of the accounts would have just accrued interest, but some that were placed on the stocks and shares market have done well and could now contain £2,000. Even if parents have never opened a Child Trust Fund account, the Government would have done it on the child's behalf and placed the money in. Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here.
. The money can be accessed when the child reaches 18 and can either be reinvested into a similar adult ISA or can be used to fund more immediate expenses such as university fees. Parents and legal guardians can search for the Child Trust Fund here to find out if their child has an account. You will need your Government Gateway credentials to sign in but there are options available for those who have forgotten or do not have user ID or passwords. Keep up to date with local news in your area by adding your postcode below
Revenue and Customs will respond to claims within 15 days, plus time for postage. Once people have access to their money, they can transfer it across to a junior ISA. The money must be transferred across from the trust fund to the junior ISA account.
Source = MetiNews.Com