Child Trust fund figures published by BSA
www.moneynews.co.uk > General finance > Child Trust fund figures published by BSA
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Money News |
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Child Trust fund figures published by BSA
Tue 21st Jun 2005
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According to the BSA, there are currently eight providers of both cash and stakeholder CTF accounts, seven building societies and one bank.
Figures from the associations reveal that, as of the end of May 2005, 160,000 cash CTFs had been opened by these institutions, representing around 30 per cent of all CTFs opened.
Data published by HM Revenue and Customs has indicated that 499,000 CTFs had been opened by all institutions offering CTF accounts in the period up to May 20th 2005.
Not all providers are offering the cash CTF accounts, but the BSA found that where providers are offering parents a choice between cash and stakeholder accounts, more than 70 per cent of customers are opting for cash products. The survey found that 160,000 out of a total of 221,000 accounts opened at these providers were cash CTFs.
Early indications are that in most accounts the balance comprises wholly or mainly the £250 voucher provided by the government.
However, the BSA predicts that over time parents, other family members and friends will contribute more to the accounts. The organisation hopes to publish data on outstanding balances in due course.
Adrian Coles, BSA director general, commented: "The first set of figures show that where parents have a choice between cash and equities at their chosen institution, the majority are clearly choosing the cash option. However, it is early days yet, with HM Customs & Revenue data showing that only 29 per cent of vouchers distributed, had been deposited by May 20th 2005."
Related News : General finance |
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