HSBC has extolled the benefits of child trust fund savings accounts to customers who want to encourage their children to get into the habit of saving money.
This week has been designated the first ever Child Trust Fund Week by the government, with the purpose of increasing awareness of the tax free savings option.
To highlight the potential savings offered by the scheme, the financial services provider estimates that if a parent invested the government's £277 cash voucher in its stakeholder savings account when the scheme launched in April 2005, children would already have seen their investments grow to £361.
Malcolm Prince, head of multi-tie investments at HSBC, underlined the opportunity presented to parents by the tax free savings accounts.
"We urge all parents to make the most of the tax-free benefits it provides," he said.
"Not only does it give children a financial boost for the future but also provides parents with a new way to help their children learn about saving money."
In related news, the Child Trust Fund Week will be officially launched later today at Ann Taylor's Children's Centre in Hackney.
Ed Balls, economic secretary to the Treasury, is scheduled to make a speech underlining how parents can start saving money for their children by taking advantage of the tax free savings accounts.
HSBC highlights value of child trust fund savings accounts
HSBC highlights value of child trust fund savings accounts
Mon, 15 Jan 2007
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