The Children’s Mutual has named October as the strongest month ever for the uptake of Child Trust Funds (CTFs).

According to the CTF provider’s figures, even more parents opened accounts during that month.

And it comes in the same year as record numbers of mums and dads have set up a direct debit to make regular payments into their child’s savings pot.

David White, chief executive of The Children’s Mutual, said: “Half of our CTF customers are committing to long-term savings from the very beginning of that’s child’s life by starting a monthly direct debit, which could produce a fund of £9,750 based on the average £24 monthly top up.”

It has unveiled its figures as the government releases its own statistics revealing 74 per cent of families proactively opened CTF accounts within a year of their child being born.

Despite this, just 40 per cent have a private pension and 30 per cent own an ISA.

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