The latest child trust fund (CTF) statistics produced by the Buildings Societies Association (BSA) revealed that savings in cash accounts increased during the third quarter of the year.
The BSA reported that the balances on cash CTFs increased to £23 million during this period, representing a 32 per cent increase on the figure recorded during the corresponding quarter last year.
Meanwhile, 44,000 CTF accounts were opened, with 73 per cent of parents choosing the cash option, the association said.
Adrian Coles, director general of the BSA, claimed that the data was "encouraging", noting that deposits into all cash savings accounts "picked up" during the third quarter.
"Now is a good time for parents and grandparents to think about contributing to their child's CTF for Christmas . Just a little will help make a difference in years to come," he advised.
In October, the Tax Incentivised Savings Association reported that more than half a million CTF accounts are receiving additional contributions, the majority of which are made by direct debit payments .
Child savings increase
Child savings increase
Mon, 03 Dec 2007
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