Child Trust Fund (CTF) provider Family Investments has announced that it is the first CTF provider to break through the one million mark.

The announcement follows its take over of Abbey and LV=’s 400,000 existing CTF accounts, which has resulted in Family Investments having 1.1 million CTF accounts under its control.

Any child born on or after 1 September 2002 and in receipt of child benefit is eligible for a CTF, with parents, relatives and friends also able to contribute.

Since their launch in 2002, more than £2billion has already been saved into 4.6 million CTF’s, with around £289million invested each year.

Commenting, John Reeve, chief executive of Family Investments, said: “The most important aspect of the CTF scheme is that every child born after 1 September 2002 receives one, meaning an entire generation is growing up with a financial asset regardless of their socio-economic status.

“It is essential that this universality is maintained to support financial literacy targets and create a “savings culture” in the UK.”

Mr Reeve added that reaching “this milestone highlights the great success of CTFs as a savings product”.

© Fair Investment Company Ltd