Tesco Personal Finance has introduced a new child trust fund (CTF) account to its range of savings products in a bid to encourage parents to cash their vouchers.
A report issued by the government in November revealed that 98% of parents eligible for the scheme recognise the benefits of setting up a CTF account.
However, figures show that a quarter of eligible families have not yet opened an account to invest their child’s voucher.
Jeremy Sutton, head of Tesco Savings, commented: “We know from this government research that over 50,000 families have yet to claim their share of the ?12.5 million plus in unclaimed vouchers.
“We want to make it easier for our customers to benefit from this scheme. By offering a Child Trust Fund and by promoting it in-store, we hope to raise awareness among our customers so that they can ensure they are getting the benefits owed to them.”
Under the CTF initiative, launched in 2005, babies born after September 2002 will receive a voucher of either ?250 or ?500 at birth and the same payment when they reach they age of seven.
