Savings - Long Term

Your results suggest that using your CTF for a long term saving goal could be a really good idea!

This is because your results suggest that you're possibly already relatively financially secure. You're likely:

- In full time employment or education

- Have a large Child Trust Fund (£2,000+)

- Possibly some additional savings

Given the current financial climate, your CTF could be a really useful in preparing you for the future.

You could open a 'Lifetime ISA' - a savings scheme designed to help you save up for a house, where the government contributes an additional 25% for every £1 you add the savings that account. Read more about the scheme here: GOV - Lifetime ISA

At the moment, the best interest rates on savings account are available through 'Regular Savings Account'. These are bank accounts which are paired with a normal everyday bank account that you have where you have to save a certain amount of money a month.

To maximize your interest, you could move your CTF money into an 'Easy Access Savings Account' and then 'drip feed' it into a 'Regular Savings Account' or any bank account you have with higher interest.

That way you'll get double the interest!

For more information on what 'drip feeding' is, and the best 'Regular Savings Accounts' available at the moment, visit: Money Saving Expert - Best Savings Accounts