born after 2002

[sweetheart]

I recently heard that parents can claim �250 for opening a childs bank account, if they were born after 2002. Is this true and what is the claims procedure? Cheers xx

[akaceefax]

Kind of... there was talk of a scheme where children would recieve a �250 in a bank account. I am not sure if the scheme ever took off but the catch is: The child owns the money and the parents see non of it and the child can only use the money after their 18th birthday. No quick money here... sorry

[Lindy Loo]

It's called a 'Baby bond bonus' and sweetheart is right..it's a trust fund for when the child turns 18. Don't know if it's up and running yet though. If you want to, it may be better to start a trustee savings account with a bank or building society. Have a look around and see whats available.

[Sifter1978]

damn and my daughter was born sep 2001! i remember hearing something on the radio but have no cause for using it... hmm..unless i ask my brother........

[blueeyedlass]

its called the child trust fund and its from april 2005 any child born after 1 september 2002 is eligible for a savings account containing a lump sum of �250, it may be �500 if the family is on a low income.