03/03/2010 by bill.

From the 1st March The Children’s Mutual is offering customers who set up a Child Trust Fund up to £40 of vouchers to be spent at Mothercare or the Early Learning Centre:

- £40 of vouchers if you also set up a Direct Debit for more than £30 a month when you apply
- £20 of vouchers if you also set up a Direct Debit for more than £10 and up to £30 a month when you apply

Vouchers can be spent in either Mothercare or Early Learning Centre stores.

Offer runs until 31st March 2010.

More abut Child Trust Funds from moneyjungle.net

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25/11/2009 by bill.

The Childrens Mutual dressed babies up in cute outfits and filmed them at work and play. What will your little ones want to be?

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09/10/2009 by bill.

According to Yorkshire Building Society savings data Paul and Gemma hold the title of Britain’s richest kids. On average Pauls across the nation have £4,700 each in savings and Gemmas have on average £3,530 stashed away in a savings account.

The most popular names according to the Office of National Statistics for babies born in 2008 are Jack and Olivia but they’re not doing as well as some of their friends when it comes to savings. Jack is the 217th richest children’s name with average savings of only £1,300 and Olivia is the 141st richest with average savings of £1,550.

The research also highlighted that girls are more likely to save than boys but those boys who do get into the savings habit have higher savings balances than girls.

Chris Edwards, Head of Savings & Mortgages at Yorkshire Building Society said: “It’s great news that children are quite obviously getting into the savings habit early on in their life. With so much financial pressure on young people when they leave school now such as further education fees, deposits for houses or saving up for a car, it’s important that they have a nest egg as early on as possible.

“I think that a combination of Child Trust Fund vouchers and parents wishing their children to have a nest egg when they’re older have led to children having more savings than perhaps some would think which can only be a good thing.”

A little saving soon adds up
Parents wanting their children to have a sizable savings pot in their Child Trust Fund when they reach 18 need to start the savings habit early. The good news is that saving little and often soon adds up. Just £10 per week saved in a Yorkshire Building Society Cash Child Trust Fund from birth would be worth approximately £11,740¹ by the time they reach 18.

Yorkshire Building Society has over 1.5 million savers and has a range of savings accounts to suit all age groups and needs.

People wanting to find out more can visit www.ybs.co.uk/savings or telephone 0845 1 200 100

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19/08/2009 by bill.

With many savers in recent months having seen their Child Trust Fund (CTF) savings plummet according to research carried out by Money Management in May 2009, figures from Yorkshire Building Society show that parents are thinking more carefully about the type of CTF they choose. In the past month alone the Yorkshire has seen a 20% increase in parents opening a cash Child Trust Fund and with parents whose children were born after 31st August 2002 soon to be the first to share a second £150 million windfall as their children start turning seven in a few weeks time, Yorkshire Building Society is urging parents to take a closer look at the performance of their chosen fund to date.

Chris Edwards, Yorkshire’s Head of Savings & Mortgages said: “Child Trust Funds have always been popular because parents like their simplicity and understand the concept but we’re not surprised by our new figures which show an increase in their take-up, as recent research has found that cash Child Trust Funds have proved to offer greater returns than stakeholder versions.”

Catching the savings habit

According to the Yorkshire’s own data, 41% of its Child Trust Fund savings accounts have been contributed to with the average amount added being £266 but over half of all parents who have children eligible for a Child Trust Fund do not realise that they can transfer to another provider.

A little saving soon adds up

Parents wanting their children to have a sizable savings pot in their Child Trust Fund when they reach 18 need to start the savings habit early. The good news is that saving little and often soon adds up.

Chris Edwards, Yorkshire’s Head of Savings & Mortgages said: “Child Trust Funds are a really good way for parents to save for their child’s future. However, we’re urging parents who have existing Child Trust Funds or those who are in the process of choosing a provider, to shop around for a good deal. Just £10 per week saved in a Yorkshire Building Society Cash Child Trust Fund since they were born would be worth approximately £11,740 when the child reaches 18 but a provider paying just 1% less in interest would mean that they would get just £10,870, an £800 reduction in lost interest over the duration of the fund.”

He continues: “Our research also shows that over half of parents are saving more money into other savings accounts for their children rather than their Child Trust Fund. It’s great news that parents are doing this for their children but often these other accounts pay less interest than a Child Trust Fund, which could cost them dearly over 18 years.”

Choices when opening a Child Trust Fund Savings Account

When parents are choosing a Child Trust Fund provider it comes as no surprise that the rate and whether the provider is a well known brand, influences the choice of parents with just over two thirds of parents citing these as the main factors in making their decision.

Choices at 18

According to Yorkshire’s research, when children have access to the fund at the age of 18, parents would ideally like their children to put the money towards further education but many parents are happy for them to spend it on whatever they choose (see below). The research also unearthed that some parents would like their children to use their entrepreneurial skills and use the proceeds setting up their own business.

How parents would ideally like their children to use their Child Trust Fund Savings

- Further education 22%
- Deposit on a house 15%
- Continue to save 15%
- A car 13%
- Driving lessons 11%
- They can spend it on whatever they like 8%
- A Gap Year/holiday 7%
- To set up their own business 5%
- Towards a wedding 4%

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26/06/2009 by bill.

The Government is giving each newborn child a voucher worth £250 when their parents register for Child Benefit. This must be used to open an account – called a Child Trust Fund (CTF) account – on the child’s behalf. You, your family and friends can all then add to this account. The Government will make a second contribution when the child is seven and is considering a third in the teenage years. The idea is that the account grows into a lump sum for the child to use when they are 18. Baby Bond is The Children’s Mutual’s simple and straightforward stakeholder CTF account. Such accounts are the Government’s preferred way of growing your child’s savings. In 2006 The Children’s Mutual was named Best CTF Provider by independent financial magazine Moneyfacts Life & Pensions.

The Children’s Mutual also offers Sharia compliant Child Trust Funds.

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