Child Trust Funds were replaced by Junior ISAs which are another type of tax-free savings account for children. Here's a bit more about how they work.
Only a parent or guardian can set up a Junior ISA for their child, but anyone can contribute to one.
The money belongs to the child and can only be accessed by them when they turn 18.
There are two types of Junior ISA: Investment and Cash, and a child can have one of each in each tax year.
The Junior ISA allowance is £9,000 for the 2020/21 tax year - this is the total amount that can be paid in across both types of ISA.
Transfer it to a Junior ISA
Because new CTFs are no longer available, you may be able to get a better deal by transferring the funds to a new Junior ISA provider.
You can transfer the funds without this impacting the child's tax-free allowance for the year.
You can arrange a transfer by contacting your chosen Junior ISA provider.
If you're thinking about transferring a Child Trust Fund, take a look at our My Select (Junior ISA).
Continue to contribute
You can continue to add up to £9,000 a year to your CTF account.
Anyone can make a payment into a CTF.
You can't withdraw the money as it belongs to the child and they can only take it out when they're 18.
If you have a Scottish Friendly Child Trust Fund you'd like to contribute to, you can find out more in our help centre.