Child Trust Fund

The Child Trust Fund (CTF) was an initiative by the previous Government aimed at helping to provide all eligible children born from 1 September 2002 with a lump sum when they reach 18.

On the 24 May 2010, the Coalition Government announced that Government contributions to the scheme would be reduced from 2 August 2010 to the end of the year with complete withdrawal of contributions from 1 January 2011.

Following this announcement, Leek United Building Society and its partner, The Children's Mutual, decided, by mutual agreement, to withdraw Child Trust Funds from their portfolio of available products.

This means that:

·    Customers will not be able to open a Child Trust Fund with The Children's Mutual through
     Leek United from Monday 12 July 2010.

·    If your child already has a Child Trust Fund with The Children's Mutual through Leek United
     their account will continue to run as normal:

     -    their CTF account will continue to benefit from tax efficient investment
     -    up to £1,200 a year can still be contributed
     -    the CTF will continue to run until your child's 18th birthday.

If you'd like to top-up an existing CTF account click here.

If you have any questions about the Government's plans to stop creating new Child Trust Funds, click here