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Halifax child trust funds hit 100,000

02 September 2005
The number of child trust funds (CTF) opened by Halifax has now passed the 100,000 mark.

And new Government quarterly figures show that that the proportion of parents opening CTF accounts has risen to 46 per cent, from 28 per cent the previous quarter.

However the bank notes this means that over half of all children eligible for the account risk losing out on potential returns.

Ray Milne, managing direct of Halifax Financial Services, said: "We are encouraged to have opened over 100,000 CTF accounts and to see that overall take-up of accounts has significantly increased. The Child Trust Fund plays a vital role in encouraging parents to save more towards providing a nest egg for their child's future.

"Most parents probably still have opening a Child Trust Fund on their 'to do' list, but we're urging them to act now and ensure their children benefit from their investment."

If the CTF voucher has not been used to open an account 12 months since issue then the Government will automatically open an account for the child and inform the parents of its details.

Parents can top-up the account by up to £1,200 per investment year. No withdrawals are allowed until the child reaches 18.

To read more about investment, click here.

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