CTF week launched
January 15, 2007 by admin
Filed under News, News-Banking
Child Trust Fund (CTF) Week is being launched today by economic secretary Ed Balls in a visit to the Ann Taylor Children’s Centre in Hackney.
The week, running from January 15th to January 20th, is part of a drive to encourage parents to endow their child with a CTF.
In most cases a £250 government voucher is redeemable for the account when it is opened.
Mr Balls said: “The Child Trust Fund’s success has exceeded our expectations. At a national level, three in four parents are actively opening their child’s account.”
He added: “Performance between different areas of the country varies but the design of the Child Trust Fund means no child will miss out.”
Every eligible UK child receives vouchers worth £250 to get the tax-advantaged long-term savings account started, with the same amount being deposited again when the child reaches seven years of age.
Children in lower-income families receive two additional payments direct into their CTF of £250.
Parents, family and friends can contribute up to £1,200 a year in total into the account.
Currently, 2.5 million CTFs have been set up, three quarters opened by parents themselves.
