UK-based Engage Mutual Assurance, a provider of child trust funds, has launched a new product, Easy Save, to encourage parents to save for older children who missed the child trust fund deadline.
Engage will be making its Easy Save product available to children under 16. Junior Easy Save offers the opportunity for parents to invest up to GBP25 a month, tax exempt, into Engage Mutual’s With Profit fund. The new fund offer added benefit of a guaranteed minimum payout at the end of the savings term.
The government’s child trust fund (CTF) scheme has been attributed with increasing childhood savings and Engage Mutual is also keen to encourage parents to save for those older children who do not qualify for child trust funds.
Karl Elliott, marketing director of Engage Mutual Assurance, said: Having listened to our customers’ concerns for children missing the CTF deadline, Engage Mutual is launching our Easy Save product to the whole family. Junior Easy Save is a simple investment which guarantees a minimum payout equivalent to the premium paid out at the end of the savings term.
As a Friendly Society, Engage Mutual is in a unique position to be able to offer children’s tax-exempt savings, something we believe is extremely important for future generations. We hope that parents will use Junior Easy Save as a simple trustworthy vehicle to save regularly for their children’s future.