How do I get the voucher?

If you receive child benefit, you'll automatically receive a voucher for each child born on or after 1 September 2002 until 2nd January 2011. For children born after 2nd January 2011, government vouchers will cease. You do not need to make a claim for this voucher.

How much can I expect to receive?

The Government will provide vouchers worth £250 for each eligible child born on or after 1 September 2002 or for £50 for each child born between 1st August 2010 and 2nd January 2011. If you receive full child tax credit, the Government will provide an additional £250 (children born before 2nd August 2010) or £50 (children born after 2nd August 2010) for each eligible child.

Where will the money be invested?

The Ulster Bank child trust fund is designed to provide the child with a cash lump sum when they reach the age of 18. In order to do this, the Ulster Bank Child Trust Fund will offer customers a fund which invests in a wide range of assets that offers the potential of higher returns than a deposit fund. (You should, however, be aware that unlike a deposit account the value of the investment in the Ulster Bank Child Trust Fund can fall as well as rise).

The Ulster Bank Child Trust Fund has been designed to make the investment process as simple as possible, enabling you to invest more money when you are able to do so and to keep you informed of how the fund is progressing.

Is there a limit to the amount that can be invested in the Child Trust Fund?

Parents, family, friends and the child can contribute into the account as long as the total of all contributions do not exceed £3,600 a year. The annual £3,600 limit runs from your child's birthday in one year to the day before your child's birthday the next year. The smallest payment into the account is £10. To get a large amount of money available for the child's 18th birthday you should consider making additional payments to the child trust fund whenever possible. Further information is contained in the Application Pack which is available in Ulster Bank branches or by contacting 0845 601 0120.

Calls may be recorded.

When can I have access to the money?

The Government has said that the money must stay in the account until your child reaches 18. Only then, will he or she be able to withdraw the money.

How will I know how much the fund is worth?

Each year, around the child's birthday, Ulster Bank will provide a statement detailing how much the fund is worth.

Will legal guardians receive the voucher?

Yes. As long as you have 'parental responsibility' and receive child benefit they can open the account. Special arrangements will be made for children in care.

Can I put the voucher into my bank account?

No. The Government rules state that you can only invest the voucher into a Child Trust Fund account.

Can I get the cash amount of the voucher now?

No. The Government has stated that the voucher must be invested in a Child Trust Fund and cannot be changed into cash.

Can the money be withdrawn at any time?

No. The Government has said that the money must stay in the account until your child reaches 18. Only then, will he or she be able to withdraw the money.

What happens if I don't open an account?

If you do not open an account within 12 months of receiving your voucher, the Inland Revenue will open an account on behalf of your child.