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

Child trust fund numbers plateau

0
Written by:
24/01/2006

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.”

Related Posts

Tagged:

Tag Box

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.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

  • Given the Brexit uncertainty, you may be looking to protect your pounds ahead of your next holiday. Here are five w… https://t.co/pjn2d3P41E
  • If you are concerned you may miss the 31 January HMRC deadline to file your tax return, here are five excuses that… https://t.co/BRoNxdNLXM
  • Millions of Lloyds, Halifax and Bank of Scotland customers unable to make and receive payments in latest bank IT me… https://t.co/bKospYHViX
  • RT @YourMoneyUK: Millions of Lloyds, Halifax and Bank of Scotland customers unable to make and receive payments in latest bank IT meltdown…
  • RT @YourMoneyUK: Millions of Lloyds, Halifax and Bank of Scotland customers unable to make and receive payments in latest bank IT meltdown…
  • Make sure you're not paying more than you need to for your #energy. Check when your fixed deal ends and pop a note… https://t.co/OCfiU236o1

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...

Close