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70 per cent opt for cash CTFs

When offered the choice between cash and stakeholder Child Trust Fund accounts 70 per cent choose cash, according to the Building Societies Association.
It says in June over 50,000 CTF accounts were opened by the eight providers of both options with 31,000 being cash CTFs.
The BSA also says net receipts into cash CTF accounts were over 12m in June, bringing the total amount placed in cash to 51m.
From July there are two more providers of cash CTFs, Leeds and Holbeck Building Society and Monmouthshire Building Society bringing the total number to 10.
BSA head of savings policy Brian Morris says: “It is still early days, but the BSAs second set of figures show that when given the choice, most parents are choosing cash CTFs for their children.”

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