Child Saving Accounts

You have children? Read on.....
The buzz word this week has been saving, particularly child saving accounts. As announced in the April 2003 budget - this week has seen the launch of the government saving incentive for parents - the Child Trust Fund or CTF. If you have missed the hype, they are going to send out checks to parents who claim Child Benefit for £250 for any child born since September 2002. This is to open a child savings account. The rules are that parents, family and friends can add to the account up to a total of £1200 per year and the government will also add to the fund when the child is 7. If the total savings allowance is invested - not even including interest earned - you're looking at over £20000 in just savings by the age of 18. At a very conservative interest rate of 3.5% - you are getting up to near £25000.
Plenty of products are flooding the market - when I get a chance to review them - I'll be adding links for you to get saving for the kids. In the meantime - get an account opened and start putting something away for when your cheque arrives - earn interest on the savings from today (although you will have to transfer when you get your cheque) !!! Check out the best buys this week, click here.
Babs