The number child trust fund accounts opened last month was the lowest since the accounts were first offered to parents a little over a year ago, the Building Societies Association (BSA) says.
The BSA says 14,000 child trust fund (CTF) accounts were opened in May by providers that offer both cash and stakeholder options, 64% less than in May 2005 when 39,000 accounts were opened. Around 71% of parents opted for cash CTF accounts where a choice was offered with net receipts into cash funds in May totaling £4.9m. To date, 398,000 cash CTF accounts have been opened, with £142m in total balances. And according to HM Revenue & Customs (HMRC) 1,654,000 CTFs have been opened by providers offering CTF accounts up to 20 May 2006 with cash-based CTFs accounting for 24% of the entire CT...
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