Children who have names associated with Christmas receive the largest lump sums of cash into their Child Trust Funds at this time of year, according to child trust fund provider The Children’s Mutual.
The Childen’s Mutual analysed its database to look at how children with festive names benefit from gifts into their CTF’s and found that Gabriels receive an annual average in lump sum payments of £162 – almost twice the overall account average.
But whether your little angel is named after the Archangel or not, Christmas is a great time to think about setting up trust fund to save for your child’s future. The Which? Best Buys Child Trust Funds review compares all the products on the market today giving you a rundown on interest rates and bonus rates, and provide information on share-based and stakeholder Child Trust Funds.
Current Which? Best Buy Child Trust Funds include the Yorkshire Building Society (its 4.95% rate includes a temporary 0.7% bonus for 12 months); Britannia Building Society (4.8% rate with a temporary 1.25% bonus for 24 months); Shepshed Building Society; Skipton Building Society; and Chorley Building Society.
A gift for life
Tony Anderson, Marketing Director at The Children’s Mutual said: “There is an increasing trend for families to save some of a child’s birthday and Christmas money into their Child Trust Fund account and our customers with festive names are certainly benefiting from this! Whether your child is named Noel or Noelle, we are urging families with younger children to think about giving a gift that lasts long after the Christmas lights have been switched off.”
Anderson said: “Lump sums and regular top ups can make a real difference to the potential future value of a Child Trust Fund – if all children were to receive an annual gift of £162 their Child Trust Funds could be worth £5,960 in 18 years’ time.”
Which? also provides a summary of general information about Child Trust Funds and Childrens Savings Accounts.
Name your price
Festive names that receive the greatest value annual gift payments into their CTF accounts, according to The Children’s Mutual:
Name/ Amount Received
- Gabriel £162
- Nicholas £155
- Mary £135
- Rudolf £125
- Joseph £122
- Ivy £119
- Robin £118
- Holly £92
- Robyn £90
- Joy £71
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