Thursday 16th November 2006
Parents would like friends and relatives to top up their child trust funds as a Christmas present, according to research from internet bank smile.
In a survey of 1,000 holders of child trust funds from smile, the bank found 62 per cent of parents welcomed deposits as presents in preparation for their child wanting expensive gadgets later in life.
Zack Hocking, head of savings and investments at smiles sister company Co-operative Bank, said: "A contribution to a young childs trust fund is an ideal Christmas gift and is a great alternative to the hassle of the shopping.
"This is a fantastic opportunity for children to maximise the benefits of saving."
Mr Hocking noted that now is an ideal time to save following government announcements that child trust funds can be converted into individual savings accounts on the childs 18th birthday.
Co-operative Bank is currently offering a £20 Amazon voucher to all new registrants of child trust funds who set up a minimum £10 monthly direct debit payment into the account.
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