You are here: Home - Saving & Banking - News -

Child trust fund numbers plateau

Written by:

The number of child trust fund accounts being opened each month has hit a plateau, with 310,000 opened to date and 27,000 opened in December.

The cash accounts opened so far hold a total of nearly £99m in balances, with the amount put into cash child trust funds in December hitting a total of £7.9m. Where a choice was offered, 67% of parents opted for the cash option in December, according to a poll of the providers of this type of child trust fund.

Brian Morris, head of savings policy at the Building Societies Association – which carried out the survey – said: “December’s cash child trust fund figures show a slight rise in net receipts compared to both October and November. However, we are not seeing any sign of a big pick-up in sales and the number of accounts being opened each month appears to be hitting a plateau.

“With January marking a year since the first vouchers were issued, we hope to see an increase in next month’s figures, with parents investing their voucher before they lose their initial choice of provider. Parents who have been sitting on their voucher for the past year have already missed out on 12 months of interest for their child, so we urge them to invest now.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Skiers urged to get adequate cover

Skiers and snowboarders between the ages of 18 and 29 are most likely to claim for medical costs and lost...