Jan 17 2008
Parents concerned about how they are going to meet the £1,200 maximum deposit into their offspring's child trust fund (CTF) this year could do well to look at other areas of their finances.
Figures from AWD Moneyextra show that the typical Briton could save up to £4,594.86 by switching from the worst to best-performing financial products - almost four times the maximum deposit allowed.
The firm suggests homeowners tackle their mortgages first, with up to £144 able to be saved by making a change.
Meanwhile, rising costs in the personal loans market means £476.88 may be put back into the consumer's pocket.
This represents a 76 per cent increase in potential savings, compared with figures from the previous report.
"Despite the credit crunch, it's not only possible to make and save more money by choosing the right products, you can make and save even more now than you could three months ago," senior editor Robin Amlot comments.
While parents may pay £1,200 into their child's CTF in a given year, they should also be aware that the annual count starts from their progeny's birthday, rather than following the calendar or financial year.
