We’ve partnered with Kingston Unity to give Child Trust Fund (CTF) holders an easy way of taking control of their accounts with our digital identity app.
Kingston Unity is a friendly society based in Yorkshire. Unlike banks, they’re owned by their members, they don’t run for shareholder profit. They’ve been looking after their members’ money and best interests since 1840, and will be verifying thousands of CTF account holders over the next 8.5 years.
What’s a CTF?
Child Trust Funds (CTFs) are tax-free savings accounts that were introduced by the government as a way of encouraging savings for children. All CTFs were opened with an initial payment of £250, with the balance of the account designed to be paid out to the account holder on their 18th birthday. The scheme ran for children born between September 1st 2002 and January 2nd 2011, and the first CTF accounts began to mature in September 2020.
Accessing a maturing CTF
In order to give account holders access to the money in their account, Kingston Unity needs to carry out identity checks. For a bank, this is a regulatory requirement referred to as Know Your Customer (KYC).
Traditionally, this requires customers to attend an office with proof of identity documents or send certified copies of these in the post.
However, Kingston Unity is making life easier for teens by letting them prove their identity from the comfort of their own home through the Yoti app.
Identity checks with Yoti: How it works
Creating a verified Yoti Digital ID: ~ 5mins
- Download the free Yoti app.
- Secure your account by adding your mobile number and PIN.
- Take a scan of your face to verify your identity.
- Scan your government-issued ID document.
Once verified, account holders simply scan a QR code with their Yoti app and consent to share selected identity details. It’s as simple as that.