A reader from Sussex is expecting a baby and wants to know about the Child Trust Fund options.

Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.

Terry from Brighton asks:

My wife and I are expecting our first child in September.

We want to start a Child Trust Fund for our newborn but are confused about the options.
How do we find out more?

Andy replies:

Child Trust Funds (CTF) were introduced by the government to make it easier to save for a child’s future.

For all the information you need on Child Trust Funds and how they operate, visit http://www.childtrustfund.gov.uk/

In addition to a Child Trust Fund, there are a number of different ways you can save for your child’s future.

Just like any other savings accounts, there is a wide range of different children’s savings accounts on the market that offer varying levels of access with interest rates to match.

I’d recommend speaking to a qualified Financial Advisor to discuss the best way you can save for your child.

If you have a question for Andy, go to the myfinances.co.uk Ask the Savings Expert section.

Or for more information on your savings options go to savings at Halifax.