Remember that Child Benefit in the UK is money meant for your child. Try to manage it wisely within your household budget for their benefit. The most common approach is to spend it on everyday needs, but you can also choose to do something a bit different to set your child up for the future…
Child trust funds were previously used, but the scheme has now closed to children born after 02/01/20011. A modern replacement for this would be a Junior ISA. Any parent or legal guardian can open a Junior ISA for the child. Check with the provider of the ISA if there is an annual contribution limit. A Junior ISA generally automatically becomes an Adult ISA once the child turns 18, and they will then have access to the funds.
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