Children's allowance

R

Rooroo

Guest
Hi,
We have just had our first baby and want to know what the best options for saving for his education/future are... We intend to save all of his children's allowance. What are the best investment options? We are happy to risk a portion of it and play it safe with the rest. If we go with shares who is the cheapest (and most straight forward for a novice ;) ) stockbroker? Thanks so much
Roo roo
 
Re: Children's allowence

hey roo roo...am in exact same boat as yourself....have just under 10k to squirrel away at the start though, and am finding it very hard to find someone where to dump it all....cos like yourself am a complete novice.....
I was looking at a child savings product from the post office that you dont have to pay any DIRT on...have you looked into that at all?
 
PO rates are very poor even when their tax free status in many cases is considered. There are much better deposit rates on offer (see the Financial Best Buys forum and www.itsyourmoney.ie) and for a long term investment (e.g. c. 10+ years) one should at least consider a low charged unit linked equity fund for some or all of the money involved. In the long term such funds would be expected to outperform deposits significantly.

There are many, many existing threads on savings options for children which are worth searching out. The www.itsyourmoney.ie consumer guides to savings and investments are also worth reading.
 
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