210,000 Halifax Child Trust Funds opened

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210,000 Halifax Child Trust Funds opened

An announcement by Halifax today revealed that 210,000 Halifax Child Trust Fund accounts have been opened, according to new figures released by the government.

HM revenue and customs say that 2.5 million child trust funds have now been issued and the number of Halifax Child Trust Funds has increased along with the number of child trust funds opened in general.

All children born on or after September 1st 2002 will receive a £250 voucher to start their account, if a fund has not been used to open an account after 12 months the government will automatically open a stakeholder child trust fund.

Halifax is one of the stakeholder child trust fund providers chosen by the government to operate these accounts and as the figures show hundreds of thousands have taken up the option.

Ray Milne, managing director of Halifax financial services, said: "The child trust fund plays a vital role in encouraging parents to save more towards providing a nest egg for their child's future."

The number of Halifax Child Trust funds opened is seen by the government as a good sign as its child trust fund website explains; the funds are aimed at enabling children to have money behind them as they start their adult life.

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