Asda Financial Services: Child trust fund incentives offered

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Asda Financial Services: Child trust fund incentives offered

Asda Financial Services is offering extra incentives to customers in an attempt to persuade them to open a child trust fund for their offspring.

The supermarket's banking division is offering money off vouchers for 12 Asda products, as well as a free Family Money Guide to customers who register online as part of the incentives scheme.

Asda claims that no further obligation is required to receive the freebies, but if customers do want to open up a trust fund, they will then receive a £5 Asda gift card or a gift of £25 if they set up a direct debit for more than £10 a month.

The supermarket bank said: "A recent estimate from The Children's Mutual found that parents investing a current average of £24 a month into an account for 18 years could provide their offspring with £9,750 at the age of 18."

Recently, the government announced that its child trust fund scheme, which automatically gives children on benefits a trust fund, had seen four million accounts opened since it was started.

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