Child Trust Fund

To obtain more information about all your options call us free on 0800 834312 or pop in to your local branch.  Please note that this account can only be applied for by visiting by a branch and postal applications are not accepted. Watch our Guide to Child Trust Funds here

  • Minimum balance £500
  • Variable interest rate
  • Tax free savings
  • Attractive interest
  • Flexible payments can be made
  • Friends and Family can also contribute
  • Annual investment of £4000

Tax Free

Minimum Investment: £500

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest is paid and added to your account each year. The Net rate is the rate of interest that would be payable after allowing for the deduction of income tax at the specified rate.

What to do next?

If you would like to discuss or apply for one our products please contact us on 0800 834312 › Find your nearest branch › Email a friend

Apply now for a Child Trust Fund

Please confirm you have read the important information below. Only when you have read the information and fully understand how the account works should you click to download the application form. We recommend that you print a copy of the documents for your records and keep them in a safe place.

Child Trust Fund Details

Click below for more information:

What is a CTF account?

There are 3 different types of CTF account - a cash deposit savings CTF, a CTF that invests in shares and a Stakeholder CTF. Furness Building Society only offers the cash deposit savings CTF account.

The purpose of the Key Features Document is to provide balanced information so that you can make an informed choice about the right product for you.


Opening an account

The account can be opened by transferring an existing CTF from another provider. The minimum opening balance is £500. The CTF investment shall be in the beneficial ownership of the child. Only one person can be the Registered Contact on a CTF to be responsible for looking after the account for the child until the child reaches age 16. At this time the child will automatically become the Registered Contact until the age of 18 when the account must be closed. Additional contributions can be added by anyone, subject to the maximum limit. The account year runs from the child’s birthday.


We require identification for both the child and the registered contact. Please refer to the Customer Identification section of the General Investment Terms and Conditions and Other Important Information.


Gross interest will accrue daily and will be added to the account annually on the child’s birthday.


CTF transactions can be made either by cash, cheque or standing order.


No withdrawals can be made from the account until the child’s 18th birthday. The funds will be paid to the child at age 18. Any payments into the account from third parties are a gift to the child and cannot be withdrawn by the donor under any circumstances.


After the CTF is opened you can transfer to another type of CTF account with the same or another provider without any charge made by the Society. A child cannot have more than one CTF at any one time. Transfers can be made from Non-Stakeholder to Stakeholder type or vice versa. However, a CTF cannot be a mix of Non-Stakeholder and Stakeholder. Any transfer request will be actioned within the time stipulated by the Registered Contact subject to a minimum of 30 days.


Any overpayments received will be returned to the source wherever possible. If the source cannot be determined a cheque will be issued payable to the child.


If you decide that the account is not suitable within 14 days you may cancel your account by transferring the CTF to another provider. You will need to contact the new provider to request the transfer directly from us.


The Society will notify the registered contact if, by reason of failure to satisfy the provisions of the CTF regulations, the account has or will become void.

We welcome any feedback

Customers always come first at the Furness, so if you think we could improve our products or services please let us know. If you would like to find out more about our internal complaints’ procedure please contact your local branch. Alternatively you can call Furness Direct on 0800 834 312, e-mail us on or write to us at 51-55 Duke Street, Barrow in Furness, Cumbria LA14 1RT. Complaints we cannot settle may be referred to the Financial Ombudsman Service.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of depositors, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 020 7892 7300 or 0800 678 1100.

Stakeholder account

If you are interested in a Stakeholder Account, we have teamed up with Family Investments, the UK’s favourite Child Trust Fund provider. They look after the CTF accounts of more than one million children and have been helping families invest for their future for over 30 years. Family Investments offers both a Stakeholder and an Ethical Stakeholder Child Trust Fund, both of which invest mainly in shares, which means it is possible to receive back less than was paid in. They have a simple online application process and unlike many other providers offer an online CTF account management facility.

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