Suitable account for saving irregular amounts for child

[triona]

Hi,

My child's grandmother has asked me to set up a bank account for my child where she can lodge small amounts of money (approx €50) for the child at irregular intervals.
Would I be better to set up a credit union account/post office account or potentially take the cash and buy prize bonds for the child?

The aim is that the child will access the money when she is 18 (or before if needed).

Thanks, Triona

 

[Steven Barrett]

The post office would probably be the best.

I don't see the point of prize bonds, there's no return on it unless you are lucky enough to win something. But how likely is that?


Steven
www.bluewaterfp.ie

 

[sulo]

I have an account like this for my Daughter; Its the Safarai Saver a/c with PTSB - it has a 2% interest rate at the moment.. (it has dropped).

I use this to lodge - cash gifts thats shes received since born in 2010!
Its coming along v. nice! Hopefully she will continue to be a good saver like her mother!