Stroud & Swindon Launch New Children’s Bond
7.5 MILLION CHILDREN UNDER 16 WILL MISS OUT ON A CHILD TRUST FUND!
New data analysis from Stroud & Swindon, the UK’s 15th Largest Building Society, has revealed that over 7.5 million children* under 16 years of age are ineligible for the Child Trust Fund**. This deficit will put many parents in the awkward position of explaining why one sibling receives a cash pot at the age of eighteen and another misses out on this excellent financial start to life.
With this in mind, Stroud & Swindon has launched a children’s bond (fixed at 5.25% until 15 May 2012) that parents can use to save for the ‘financially forgotten’ sibling.
The new savings product is available to children aged between two and 16, and must be opened by an adult trustee for those under the age of seven. The account requires a minimum investment of £100 and can include any number of additional investments up to the maximum of £100,000 whilst the issue is open.
The new product can be opened at any Stroud & Swindon branch or agency. Paul Chafer, Sales and Marketing Director at Stroud & Swindon commented:
“Every parent wants their child to have a great start to life but some children have missed out on the Child Trust Fund and will not receive this excellent financial boost on their eighteenth birthday! With this in mind, we have launched this new children’s bond, which provides a highly competitive rate as well as an opportunity for children to become involved in the process of saving. We hope that parents of the ‘financially forgotten’ will use this product to give their children the start to life that they deserve.”
- ENDS –
* = The number of children born before 01 September 2002 and after 31 January 1991 (Office of National Statistics). Mortality rates were taken into account when calculating this figure.
** = Children born after 01 September 2002 are eligible for the Child Trust Fund. Through this government initiative these children will receive a £250 voucher to start their account. The account belongs to the child and can't be touched until they turn 18, so that children have some money behind them to start their adult life.
For further information please contact:
Paul Chafer
Sales and Marketing Director
Stroud & Swindon
01453 768407
Lee Blackwell / Brian Thorn / Karen Butcher
The Wriglesworth Consultancy
020 7845 7900
Notes to Editors:
Stroud & Swindon is the 15th largest building society in the UK with assets in excess of £2.5 billion. The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices in the South West, complemented by a direct call centre based in Stroud and website
www.stroudandswindon.co.uk.
Children’s Bond:
• Interest on the bond is fixed at 5.25% until 15 May 2012 (matures on 15 May 2012).
• Available to children aged between 2 and 16.
• For those under 7 an adult must open the bond as a trustee.
• Minimum (£100) and maximum (£100,000) investments apply.
• Additional investments (up to £100,000) may be made while the issue remains open.
• Withdrawals can be made, subject to 90 days gross interest charge.
• The bond can be opened at any branch or agency of Stroud & Swindon.
• The bond is subject to limited issue and will be withdrawn once fully subscribed.