Yorkshire Building Society names CTFs best for saving

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Yorkshire Building Society names CTFs best for saving

Wed 19th Aug 2009

Yorkshire Building Society has urged parents wanting to save for their children's future to look for a child trust fund (CTF) with a high return.

Chris Edwards, head of savings and mortgages at the building society, pointed out that such funds often pay out a higher rate of return than savings accounts.

He noted that even one percentage point difference in interest over the course of 18 years of saving could mean a difference of around £800 in interest.

"We're urging parents who have existing CTFs or those in the process of choosing a provider, to shop around for a good deal," he said.

The building society saw an increase of 20 per cent in the number of applications they received for cash CTFs in the past month.

Earlier this year the organisation was named the best long-term fixed-rate mortgage provider by the personal finance information resource Moneyfacts.

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