Prudent parents can amass lucrative nest egg
Research by Norwich and Peterborough Building Society (N&P) reveals that with prudent financial management, parents who choose to save child benefit payments can turn them into a lump sum of almost £30,000.
Parents whose children are born on 1 April 2008 can look forward to receiving £21,049 in weekly child benefit payments before their child turns sixteen.
Child benefit is currently a payment of £18.10 every week. By simply choosing the best possible branch-based account, parents can ensure they are able to use the money if they need it, or put it to one side to provide for the future.
Gary Lacey, group product manager at N&P, said: “The research highlights the significant amount of money that can be saved when parents make the decision to start saving and choose where to put their child benefit allowance wisely.
“By forming a habit of making regular deposits to a savings account such as N&P’s Family Regular Saver, a significant sum of money can be built up over time.”