money for children

G

gubby

Registered User
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Hi my grandson will be 5 soon and he has every toy he needs and he doesnt need clothes. I would love to try to open some sort of account for him. ie stocks, bonds, shares.. etc. The first problem with opening any kind of bank account seems to be that it can only be opened by his parents. Does anyone have any ideas please.
cheers
 
I opened post office accounts for my 2 godchildren I can't remember what I needed at the time I think it was proof of address for the parents. Other alternative is you could set up a savings plan in your name but in trust for the children, I don't think you need their id for that
 
There are numerous existing threads on savings/investment options for kids that might be worth searching out.
 
[broken link removed]

"Who can open a urfirst account?
A parent, godparent, relative or friend can open a urfirst Account for any child under 12 years of age."

And you get a Henri Hippo moneybox, which you may or may not give to the child...
 
Henri offers a rubbish rate of interest as far as I know. There are much better deposit accounts/rates on offer elsewhere. Just look at the lists in the Financial Best Buys forum.
 
hi there,
i save in the post office for my 2 children, i lodge money every week and also use whatever change i have in my wallet to buy them cyril the squirrel savings stamps at 1 euro each.

you then put them on cyrils card and when you have 20 euro , you lodge it inot the account. its very handy and they love it, well , my 5 year old does, and he fills in his sisters card as she is too young to do it.

dont think the interest is that good though, on 1000 euro , my son got 43c!!

but its nice to know its there, also they cant touch til their seven, can maybe use it towards communion or that.

all you will need is there birth cert and a bill from their mother/fathers address.
is this possible for you to get?

alternatively halifax offer something called acorn saver, where you, in your name , save by direct debit and amount up to 250 a month ( i think) , and after a year whatever you have saved goes into an acorn saver account earnig around 3.5%.
then you start afresh saving again by direct debit as the money in the acorn account earns interest.

just a suggestion!!
 
PO rates are rubbish too. See the Financial Best Buys lists for much better lump sum and regular saver deposit accounts/rates. For long term savings/investments one should at least consider some form of unit liked investment fund. Doesn't have to be high risk/reward/equity content but for 10+ years that too should be considered an option.
 
Reminds me of a financial program I saw where tried to sell a credit card which had a funky shape and name - and sold it to the public from a stand in the shopping mall. Although it had a really bad interest rate (29% I think) but an introductory short interest free period, they got people to sign up for it.

So I guess squirrels and hippos are the way to go. In fact, if you could get a licence to use postman pat you could have a market leading product!
 
Well if some people are willing to PAY the likes of PTSB just to get their own personalised picture on their bank card then who can blame the banks for looking to extract money from punters at every opportunity! :rolleyes:
 
tell me about it !! i see myself every day, in my mirror when i walk out the door, in the bathroom, the mirror in my car!!
i really dont want to see my mug when i open my wallet to make a purchase!!
im sick of looking at myself lol:D
 
Have you tired looking at the Quinn life option?
Also there was a very good article about childern 's saving accounts in last weekends Sunday Business Post.
 
The UB / An Post accounts charge heavily for the gimmicks and offer totally pathetic interest rates - 2.3% and 1% respectively.
If you open these accounts you're fooling no-one but yourself.

To put it in perspective - if you stick a grand in UB instead of First Active, you'll pay over €300 in lost interest over ten years for your plastic hippo money bank.

The Cyril scheme is worse - you lose out by over €400 there.
 
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