You are here: Home - Saving & Banking - News -

January top for Child Trust Funds

0
Written by:
16/01/2008

Parents have put saving for children at the top of their new year resolution lists, according to Engage Mutual Assurance, a child trust fund (CTF) provider.

Engage is preparing for a boost in CTF account openings this month, after a bumper January last year. Over the past 12 months, 12% of CTF openings with the provider happened in January, well above the monthly average for the rest of the year. The number of accounts opened almost halved in November 2007, dipping to a low for the year of 6%.

In general, 2007 saw an increase of 40% on 2006 account opening figures and the most popular month for one-off payments to an Engage CTF was March.

Karl Elliott, spokesperson for Engage Mutual, said: “New Year is a time when many of us resolve to sort out our finances. As last year’s experience in our CTF data shows, many parents will also open a CTF in January.

“However, we really encourage parents to invest little and often for their child for the long term, not just at the beginning of the year. By investing just £10 a month into an Engage CTF on top of the government’s contribution of £250 at birth and again at age seven, the child could get back £4,130 when they reach 18 years old.”

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
More Brits utilising comparison facilities

Moneysupermarket.com had 371,000 loan and card applications through its Smart Search tool in December 2007, compared to only 103,000 in...

Close