Child trust fund savings accounts have seen a lull in take-up over summer, according to new figures from the Building Societies Association (BSA).
The summer months have seen fewer trust funds opened, with July having the lowest number since the inception of the savings accounts.
Adrian Coles, director general of the Building Societies Association, remarked: "The last few months have seen the number of accounts opened by parents at fairly low levels, with July being the lowest yet.
"The summer holidays are a busy time for parents, so it's perhaps no real surprise that so few accounts have been opened. The sooner parents deposit their voucher, the more interest they will receive to the benefit of their child."
Figures from the Building Societies Association show that of the 13,000 child trust fund savings accounts opened in July, 69 per cent of parents opted for the cash option.
Some 418,000 cash savings accounts have been opened to date, with a net balance of £153 million.
The Building Societies Association recently claimed that "the apathy among parents is worrying" over child trust funds.
Child savings accounts see dip, says BSA
Child savings accounts see dip, says BSA
Wed, 23 Aug 2006
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