Child Trust Fund (CTF) vouchers were issued to all children who were born between 1 September 2002 and
2 January 2011. The fund is a long term saving account designed for you to save for your child's future. The money in the account belongs to your child and can't be taken out until they are 18.
If like me, your child was born in the economic boom and you thought it was a good idea to invest in a stakeholder account, but have since realised these aren't for you, what options are available to change your child's stakeholder account to a
cash account.
HMRC website lists the names of providers who offer CTF accounts including cash accounts, transfers and Sharia Accounts:
Click here.
femaleLIFESTYLE put it to the test to find how easy it was to get the information over the phone.
First called was Scottish Friendly as they came up high on my google search. I called the number on their homepage but was put through to 3 different people, each saying I had the wrong department. The fourth person said they don't offer a CTF transfer service.
Second was Skipton Building Society where we spoke to a very helpful young lady who said it wasn't possible. Not willing to give up our researcher called back to say HMRC had said that it was possible, and they were listed as a cash account provider. Eventually she took my details. She called back later after speaking to her head office and told me she would send me an application form.
Third was Yorkshire Building Society. The young man who answered was confident and in turn, this reassured me. He said he was sure they could help, took my details and within the next few days the form arrived. I received a follow up call to ask if I needed any help.
We hope this helps.
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