UK Money News
30th November 2007
BSA: parents increasing CTF investment
New statistics from the Building Societies Association (BSA) reveal that there was a significant rise in child trust fund (CTF) activity in the last three months.
Parents wishing to provide help with money to their children as they grow invested a sizeable sum in such accounts over the quarter.
Balances on cash in the funds rose by £23 million, the BSA reports - up by almost a third (32 per cent) on last year.
Adrian Coles, director general of the BSA, said: "This is not too surprising as deposits into all cash savings accounts picked up over the this period.
"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."
In recent money news, the BSA released a joint statement with the British Bankers' Association and the UK payments association, Apacs, stating that the new banking code would mean a fairer deal for customers.
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