The amounts of money invested into child trust funds (CTFs) provided by building societies in the UK rose by around £23 million during the third quarter of the year, it has been revealed.

Figures from the Building Societies Association (BSA) show that its members have now received close to £279 million into their various CTF offerings and more than half a million accounts are now operating.

Data from the association also shows that almost three-quarters of all CTFs opened between July and September of this year were cash-based where such an option was available.

Adrian Coles, director-general of the BSA, said: “It’s encouraging to see that deposits into cash CTFs in the three months to September were up by almost a third on the same period last year.

“Now is a good time for parents and grandparents to think about contributing to their child’s CTF for Christmas.”

In October of this year, economic secretary Kitty Ussher called on British parents to contribute as often as they can to CTFs opened on behalf of their children.

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