Happy birthday to CTFs

Britannia has extended its bonus on Child Trust Funds as they approach their second birthday on Friday and enter the "Terrible Twos."

And Britannia Building Society is turning the Terrible Twos in to the Terrific Twos with its CTF - which has a highly competitive rate of 6.75 percent (including 1.25 percent bonus for two years)

To help celebrate their birthday, all accounts opened before April 6, 2008, will be eligible for the 1.25 percent bonus for two years from when the account was opened.

Britannia will also continue to pay the bonus for existing customers whose bonus was due to expire between now and April 6, 2008.

Nick Pagon, Savings Product Manager at Britannia Building Society, said CTFs were a great initiative by the Government and urged parents not to miss the opportunity to invest in their child's future.

He added: "If parents don't take any action, the Government will invest it for them. By removing the choice of financial provider, the voucher may not work as effectively for the long term benefit of the child."