Thousands of child trust vouchers unused

19 December 2005
Over half of government-issued Child Trust Fund (CTF) vouchers have still not been invested despite government encouragement.

West Bromwich Building Society says they have opened over 3,000 CTF accounts since chancellor Gordon Brown launched the scheme in April.

The building society says parents should invest the vouchers within 12 months of receiving them – or they will lose the right to decide how they are used.

After 12 months lost or unused vouchers are automatically sent to a trust fund provider to be invested on behalf of the child.

Andy Heseltine, savings manager, at West Bromwich Building, said: "No one should underestimate what a wonderful nest egg the Child Trust Fund could become.

"It costs nothing to start and yet with education fees and other commitments in later life, this offer gives each youngster the ideal opportunity to get a savings account behind them and to think about saving on a regular basis. So why not take it?"

To read more about Child Savings, click here.

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