Nationwide: £248 million in CTF money being wasted

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www.moneynews.co.uk > General finance > Nationwide: £248 million in CTF money being wasted

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Nationwide: £248 million in CTF money being wasted

Unpaid and expired Child Trust Fund (CTF) vouchers are leaving around £248 million being lost in vouchers and interest, according to Nationwide.

The building society says that 25 per cent of the vouchers have expired and just 57 per cent of valid ones have been used this year.

According to its research, children could be missing out on over £12.9 million a year in lost interest alone.

Nationwide also warns that if parents do not choose a provider, the government will, which may not be in the child's best interests.

Matthew Carter, Nationwide's savings director, called the CTF a "great, tax efficient savings vehicle for children" but said the building society is "disappointed" that so many vouchers have expired or are not being used.

A CTF voucher represents money from the government and enables a parent to open a CTF account for the child.

Children living in the UK who were born on or after September 1st 2002 and for whom child benefit is being claimed are entitled to a CTF account.

They can access it when they turn 18.

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