Nov 30 2007
Balances of child trust fund (CTF) accounts opened for youngsters in the UK increased dramatically over the course of the third quarter of this year, according to recent data.
Figures from the Building Societies Association (BSA) show that the amounts held in CTF accounts operated by its members were 23 per cent higher at the end of September 2007 than was the case 12 months before.
Cash-based options proved to be the most popular among parents who opened a CTF at a UK building society during the third quarter, accounting for close to three-quarters of all newly-opened accounts over the period, the BSA reports.
Adrian Coles, director-general of the BSA, said: "It's encouraging to see that deposits into cash CTFs in the three months to September were up by almost a third on the same period last year.
"Now is a good time for parents and grandparents to think about contributing to their child's CTF for Christmas. Just a little will help make a difference in years to come."
Figures from Engage Mutual recently suggested that twins are statistically more likely to receiving regular parental contributions into the CTF accounts opened in their name.
