HM Treasury: CTF scheme passes four million mark

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HM Treasury: CTF scheme passes four million mark

The Treasury has announced that its Child Trust Fund (CTF) scheme has passed a "significant milestone" with the opening of the four millionth children's savings account.

Alistair Darling's department issued a statement which claimed that 4.01 million of the accounts, which every child for whom benefits are claimed is entitled to, had been opened by the end of December last year.

Each CTF account-holder receives a one off payment of £250 from the government when the account is opened and a further £250 payment on their seventh birthday.

The government makes sure every child has an account by opening one automatically if the child's parents do not.

Treasury minister Ian Pearson said: "The introduction of Child Trust Funds is a great achievement that will ensure that every child in our country has their own financial asset when they reach 18."

Recently the Treasury published its pre-budget report, which included a range of measures aimed at easing the financial burden on families during the credit crunch.

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