Leeds & Holbeck now offers another option for parents that want to start saving money towards their children's future.
A cash Child Trust Fund (CTF) has been launched to compliment the existing stakeholder option. Only nine CTF providers in the UK offer both these vehicles for saving money.
It has been found that where parents have a choice between cash and stakeholder savings accounts, almost three-quarters choose to start saving money in the cash savings accounts.
Fewer than 500,000 CTF savings accounts have been opened up to the middle of May, which means that the parents of more than a million children have failed to use their £250 voucher.
Leeds & Holbeck's PR manager Gary Brook said with his wife pregnant with their first child, the thought of having to find over £8,000 to fund their firstborn's university education is frightening.
That's not even mentioning the average UK house price being £181,832, a sum many parents help their children pay.
It seems like parents favour the cash CTF, said Karen Wint, Leeds & Holbeck's head of marketing.
"It is important, therefore, that we are able to offer both to our customers and ensure that our product offers a way for parents to save for their children's future.
"Our new cash CTF compliments our stakeholder offering and provides a return of up to six per cent in the first two years, with a guarantee to be no less than one per cent below the Bank of England base rate for the remaining term.
Parents saving money for kids get new choice at Leeds & Holbeck
Parents saving money for kids get new choice at Leeds & Holbeck
Tue, 05 Jul 2005
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