Parents opened 15,000 child trust fund (CTF) accounts in June according to data from the Building Societies Association (BSA).
The CTF cash savings accounts are proving more popular than the stakeholder savings accounts with 73 per cent of parents opting to open a CTF cash fund rather than the other options available in June.
The June figure of 15,000 accounts was slightly higher than the 14,000 accounts that were opened in May. However, there are still thousands of vouchers across the country that parents have yet to cash.
Brian Morris, the head of savings policy at the BSA, said: "For parents who don’t use their CTF voucher within a year of receiving it, the government will automatically open a stakeholder account - which may not be their preferred option."
"If they do miss their voucher deadline, parents do still have a choice and can swap their account if the government's choice doesn't suit them."
He stressed that with the hectic summer holidays coming up now was the best time for parents to open a CTF as it is likely to be less of a priority during summer.
Since CTFs were introduced for children born on or after September 1st 2002, 409,000 cash savings funds have been opened.
15,000 child savings accounts opened in June
15,000 child savings accounts opened in June
Mon, 24 Jul 2006
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