UK Money News
30th June 2008
Child Trust Funds 'offering lower returns'
Parents investing in child trust funds (CTFs) are receiving worse returns than a year ago, new figures have shown.
A survey of the market conducted by MoneyExpert.com found that the maximum rates currently offered on the products stands at 6.29 per cent.
However, in June 2007 the best buy rate available on a CTF was 6.5 per cent.
The trimming of rates on the part of providers comes at a time when rates on the majority of savings products have increased due to competition among banks and buildings societies for customer deposits.
Sean Gardner, director at MoneyExpert.com said: "For savers the only way is up in the credit crunch unless you're a parent with a cash CTF.
"The fact that average rates on cash CTFs has fallen in the past year is really disappointing as these accounts are genuinely long-term with children unable to access the cash until they are 18. Firms could afford to offer better deals."
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