Can I Withdraw My Savings?
You can now give your new baby a great start in life with Bridgend Credit Union.
Using your voucher from the government (with the option of topping up) you could build up a fund that will give your child at the age of 18 a helping hand with driving lessons, a first car, a university education, or even the deposit on a house.
Any child born on or after 1st September 2002, living in the UK and registered for Child Benefit receives a Child Trust Fund (CTF) voucher from HM Revenue & Customs for at least £250.
To use this voucher, it is a quick and simple process with Bridgend Credit Union. Just complete a short application form (link), together with a Membership Application Form and bring it to us with the voucher and copy of the Birth Certificate. We do the rest of the work.
If you've already had your voucher, or been allocated an account by the government, why not transfer it to Bridgend Credit Union. It's easy to transfer in, complete a CTF Transfer In form(link), together with a Membership Application Form (link) and drop them back to the office or at any of our Local Collection Points.
Qualifying for the additional payment of £250
As well as the Child Trust Fund (CTF) voucher, your child may also qualify for an additional payment of £250 from the Government. This will automatically be paid directly into the CTF account if you are eligible. For further information, please contact the Child Trust Fund direct on 0845 302 1470 or check out their website www.childtrustfund.gov.uk
Payments at age 7
All eligible children born on or after 1 September 2002 will receive a further payment from the Government of £250 into their Child Trust Fund (CTF) accounts at age 7. These payments will be made direct into the child's CTF account.
To qualify the child must be:-
- in receipt of Child Benefit
- have a CTF account and
- be living in the UK on their 7th birthday.
Additional Payments at age 7
Children in families who qualify for full Child Tax Credit (CTC) with an income below the CTC threshold on the child's 7th birthday may qualify for an additional £250. For further information, please contact the Child Trust Fund helpline on :
0845 302 1470 (from within the UK)
Open from : 8 am to 8 pm
Our cash savings Child Trust Fund is a long term risk free deposit account. When your child is 18 they get the money deposited plus additional interest payments. Our Child Trust Fund offers:
- Safe, local savings
- Competitive interest rate
- Transfer from other providers
- Regular top up payments or save when you can – no minimum amount (you, family and friends can all deposit money, up to a maximum of £1,200 per year tax free).
- Choice of easy deposit methods, including standing order or payment at any one of our many community points
- No set-up, closure or management fees
We offer highly competitive Interest rates on our non-stakeholder cash savings Child Trust Fund account. This is set by the Board of Directors. We are currently offering a highly competitive interest rate of 4.0%
We also offer the option of a stakeholder Investment Account. This type of Child Trust Fund is linked to the stock market, where the value can go up or down, making them more risky though with the potential to offer greater returns. If you would like to choose this option, then please let us know when you register.
Bridgend Lifesavers Credit Union invites all Members