Lucky seventh birthday winner celebrates £50 Child Trust Fund boost with Ipswich Building Society

A lucky seven-year old has been given an extra birthday present this week (13th October) after receiving a £50 boost to her Child Trust Fund account, courtesy of Ipswich Building Society.

Shannon Harvey was chosen as the recipient of a £50 voucher by staff at the Tower Ramparts branch of the Society to celebrate the second stage of the Child Trust Fund payments for seven year olds.

Each one of the Society’s nine branches has randomly selected one Child Trust Fund account holder to receive a bonus of £50 to add to their savings.

Shannon’s mum Nicola Harvey said of the account top-up; “This is absolutely amazing. I was gobsmacked when I found out Shannon had won this prize. We weren’t aware of the second stage of the Child Trust Fund payment, so to get this extra prize on top of the payment is fantastic.”

She continued: “Every time we pop into the branch the staff have given us their undivided attention and we certainly feel that we are knowledgeable about the best ways to save for our children’s futures. We are saving as much as we can, so that when Shannon turns 18, she will have a strong nest egg to fall back on. Thank you to the Ipswich Building Society.”

Paul Millar, Tower Ramparts branch manager added; “We were pleased to give Shannon a bonus for her Child Trust Fund account. It is a vital tool in enabling parents to teach their children how to save, and we are delighted that Shannon’s parents are already thinking about her future.”

The Child Trust Fund was established by the government in September 2002 and seeks to encourage every child to have their own savings account. An initial £250 voucher is given to every child when they are born, with a further £250 top-up when the child turns seven. The aim of the Child Trust Fund is to ensure when the child turns 18, they have significant savings.