CTF Week: Societies answer parents' questions

Child Trust Fund Week (CTF Week) is a great opportunity for parents to ask questions and get saving for their children, says the Building Societies Association (BSA).

Running from 15-20 January, the week of promotional activity led by the Government aims to encourage those parents who have not yet opened their child's CTF to do so, and for those that have, to get themselves, family and friends to contribute to the fund.

To help parents, the BSA has recently updated its consumer leaflet, The Child Trust Fund and Building Societies, which answers the main questions that parents or carers of young children may have about the CTF.

Commenting on CTF Week, Brian Morris, Head of Savings Policy at the BSA said: "The CTF is a great way for parents to start saving for their child's future and if parents have any unanswered questions, CTF Week is the perfect opportunity to find the answers. It is also a good chance to encourage family and friends to get involved - perhaps contributing to a CTF at Christmas and birthdays, or even regular top-ups.

"The first step for parents is deciding where they want to deposit their child's voucher, but it is important not to then forget about their CTF. Regularly topping up a cash CTF can make a huge difference when the child reaches 18. With no top-ups at all, the vouchers will be worth only £1,130 when the child reaches 18, but by topping up by as little as £20 a month it could be worth £8,420. By contributing the maximum amount - £1,200 a year - a CTF could be worth £37,560; a great head start for any 18 year old."

Individual copies of the BSA's leaflet, The Child Trust Fund and Building Societies, can be obtained free of charge from the BSA website here www.bsa.org.uk/consumer/factsheets/101053.htm