ASDA Makes Saving Child’s Play
-Invest in an ASDA CTF and receive £25 in ASDA gift vouchers–
ASDA today announces its latest savings product to help customers invest in their children’s future - the new ASDA Child Trust Fund (CTF). The CTF will now be provided in association with The Children’s Mutual and will be available to customers in-store, over the phone and online from 14th April 2008.
Parents will also receive an added incentive of a £5 ASDA gift voucher for opening the account or a £25 ASDA gift voucher if they set up a monthly Direct Debit contribution of £10 or more. The scheme allows both family and friends to pay into the account on a regular basis, either by regular Direct Debit or through one-off payments throughout the year or on special occasions like Christmas and birthdays.
ASDA’s Financial Services Director, Gev Lynott comments:
“With millions of families shopping and placing their trust in ASDA every week, it is the ideal home for their children’s Child Trust Fund voucher. We’re even providing them with the added incentive of £25 in gift vouchers if they are regular savers so there really has never been a better time to invest in a CTF with ASDA.
“CTFs offer parents a great way to give their kids a helping start in life, whether it be university fees, a deposit for the first home or a first car. Through our partnership with The Children’s Mutual, we offer customers the ability to build a financial head start for their children’s future in a reliable and fruitful investment.”
David White, Chief Executive of The Children’s Mutual, said:
“This partnership will make CTFs accessible to more parents via the ASDA store network encouraging more parents to save for their children’s futures.
“The Children’s Mutual is the country’s only specialist in this field and is a leader in providing savings products for children’s futures. We opened more CTFs in 2006[1] than any other financial services provider. Parents can contribute up to £1200 a year into a CTF building up a real financial head start for the future. This scheme, with the added incentive of ASDA gift vouchers, encourages people to do just this.”
The money in an ASDA stakeholder CTF is invested in the Insight Investment Foundation Growth Fund, a FTSE All-Share Tracker. This means the money will be invested in the stock market in the early years and moved gradually into cash or Government gilts from age 13. The fund is available to all children with the £250 initial-investment voucher from the government.
