One millionth CTF customer for Family Investments

Family Investments, trusted supplier of financial solutions for the family, today announces that it has broken through the 1 million mark for Child Trust Funds (CTFs).

The milestone reflects a strong year of growth which has seen Family become the provider of new CTFs for Abbey as well as taking over the administration of both Abbey and LV='s 400,000 existing CTF accounts. Family Investments is the first CTF provider to reach the 1 million mark and now has 1.1million CTF accounts.

John Reeve, Chief Executive of Family Investments, said: "Reaching this milestone not only consolidates Family's position as the UK's leading CTF provider but also highlights the great success of CTFs as a savings product. More than £2 billion has already been saved into the 4.6 million CTFs, with parents, family and friends investing around £289 million per year. 

"The most important aspect of the CTF scheme is that every child born after 1st September 2002 receives one, meaning an entire generation is growing up with a financial asset regardless of their socio-economic status. It is essential that this universality is maintained to support financial literacy targets and create a "savings culture" in the UK."

"CTFs have also demonstrated the success of the mutuality model in providing customers with financial solutions that they trust. As a mutual society we are owned by our customers and therefore run solely for their benefit.  Parents see this as an important characteristic when choosing where to open CTF accounts for their children and it is one of the reasons why 9 out of 10 CTF customers we asked said that they would recommend us to a friend."