Having children brings a lot of worries; how to keep your kids healthy, how to ensure that they have the best education, how to ensure that they don’t turn into monsters during their teenage years. Whilst you would never wish it to be otherwise, there is probably no parent in the world that doesn’t worry at some point that they are doing a bad job. Yet, in times of economic uncertainty, perhaps the one thing that you don’t want to have to worry about above all is whether they will be financially stable in the future.

Although we can never guarantee that the economy won’t succumb to further dips in their lifetime, it is never too early to give your children a head start. One sure fire way to invest in their future is to make the most of their CTF, or Child Trust Fund. This is a long-term tax-friendly investment or savings fund that was introduced by the government in 2005 to encourage parents to save for their children, ensuring they have something behind them when they enter into adult life. If your child was born on or after the 1 September 2002 they are entitled to a government voucher of £250 which you too can put into a CTF until your child reaches 18.

However, because there is not just one type of CTF account, for many new to this scheme the options can seem a little confusing and as such it is worth taking some time to research the best banking possibilities. The crucial thing to remember is that as long as your child’s voucher is left without a savings account, it won’t be earning any of them any interest! For this reason, it is really important to familiarise yourself with the options as to how you can receive the greatest return.

When it comes to CTF’s you have two key alternatives: A savings type CTF and an Investment CTF. The savings trust fund acts like a normal savings account, giving you the assurance of your money back and the treat of any additional interest on top, while the investment type account relies on the ups and downs of the stock market. Deciding which is best for you and your family at the end of the day will come down to whether you want to take a risk in order to see your money grow.

Once you have decided, the next step is to have a look around at different high street banks to see who can provide you with the most for your money. There is an array of providers who offer specific Child Trust Funds - try Santander and their options for savings. They have created investment accounts for this purpose. All will offer different rates though, so do your research, utilise comparison sites, and approach banks with any questions you want answers to.

Don’t worry about feeling tied into a CTF with one provider, the beauty is you are free to change as many times as you like-free of charge- if and when you see a better rate. Bear this in mind when your child approaches 7, as they will be entitled to another government voucher for £250 after this birthday. With friends, family and parents all able to contribute to your child’s account, the CTF is a great way to ensure that they have the very best financial head start possible, so look into how you can make the most of yours today!