Leeds & Holbeck cash child trust fund launched

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Leeds & Holbeck cash child trust fund launched

Tue 5th Jul 2005

A new Leeds & Holbeck cash child trust fund (CTF) has been launched.

The cash CTF will be offered alongside Leeds & Holbeck's existing stakeholder option, meaning that parents can choose one of two options with the building society.

Leeds & Holbeck has pointed out that CTFs are more important than ever, since they can help young adults saving for increasingly expensive university fees and first houses.

Three years at university is currently estimated to cost £8,584, while the average house price in the UK is £181,832.

However not all parents are taking up the new CTF offers. According to Leeds & Holbeck, of the 1.7 million CTF issued so far, only just under 500,000 have been invested.

The building society is hoping that its added offer of a cash CTF will act as a further incentive to invest, since the cash option is proving more popular with parents.

Karen Wint, head of marketing, said: "It is still early days but most parents appear to favour the cash CTF.

"It is important, therefore, that we are able to offer both to our customers and ensure that our product offers a way for parents to save for their children's future."

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