Hastings and Rye MP, Michael Foster, has welcomed the news that nearly five thousand Child Trust fund Accounts have been opened locally since the scheme was started. But he says more parents locally should be taking advantage of it.

Speaking from Westminster the MP said: “The Child Trust Fund gives all children born after September 2002 a £250 platform to start a savings account, with a further £250 when they are seven.”

“In Hastings and Rye only 75% of parents are opening Child Trust Fund accounts. I want all parents who haven’t done so to open an account, to kick-start the saving habit for their children.”

“If you are receiving Child Benefit for your child then you should automatically have received a voucher. Accounts of all types are available, at most banks and building societies. Parents and relatives can then add to them over the years.”

For information on the scheme visit www.childtrustfund.gov.uk

Note to Editors:

Key facts about the Child Trust Fund:

- The Child Trust fund is a long-term savings and investment account for children to access when they turn 18
- No tax needs to be paid on income and gains in the account
- The government provides £250 to start each child’s account
- Children in families receiving Child Tax Credit will receive an extra payment,
- A maximum of £1,200 each year can be saved in the account by parents, family or friends
- Money cannot be taken out of the Child Trust Fund (CTF) once it has been put in