# Best children bank account



## Donaoib (7 Sep 2020)

Hi. I want to put my children child allowance into a bank account for them so they ll have money hopefully for college.  Does anyone know the best interest rate in any bank at the moment.  
Thank you in advance


----------



## Pinoy adventure (7 Sep 2020)

There is 1 in the post office where monthly installments are allowed and are 6 years in duration


----------



## Drakon (8 Sep 2020)

I opened an account with EBS about five years ago but when the balance was approaching the €5k limit I opened an account with BoI last year. 
Both times I researched the best AER available. I cannot remember the the EBS rate but the BoI rate is 2.5%. 
However, the latter is set to drop to 0.25% in a couple of months so I’ll be on the lookout again.
I’d appreciate knowing what you find. Thanks.


----------



## Donaoib (8 Sep 2020)

Im like you drakon. I have just reached the limit with ebs so im thinking of  bank of Ireland.  I think the post office saving account has very little interest on it.


----------



## AndroidMan (9 Sep 2020)

Drakon said:


> I opened an account with EBS about five years ago but when the balance was approaching the €5k limit I opened an account with BoI last year.


Are there charges on these two accounts? I know the €6 per month was going to be applied by BOI on all current accounts, maybe these kids accounts are excluded.


----------



## Drakon (9 Sep 2020)

AndroidMan said:


> Are there charges on these two accounts? I know the €6 per month was going to be applied by BOI on all current accounts, maybe these kids accounts are excluded.



The kids account is a “savings account” not a “current account”.  I’d be surprised if they applied the charge you refer to.


----------



## Donaoib (21 Sep 2020)

I went into my local bank of Ireland and asked about opening a savings account for my children. They could not tell me anything about a savings account but got a lady to ring me about opening a savings accounts. The only thing she could tell me about was investment. She didn't believe me when I said I had read that there was a child saving account with 2.5% in her bank.


----------



## Pinoy adventure (21 Sep 2020)

Donaoib said:


> I went into my local bank of Ireland and asked about opening a savings account for my children. They could not tell me anything about a savings account but got a lady to ring me about opening a savings accounts. The only thing she could tell me about was investment. She didn't believe me when I said I had read that there was a child saving account with 2.5% in her bank.



Is there ? If so where


----------



## Donaoib (21 Sep 2020)

I have just looked up the bank of  ireland  website.  On it is a young saver account interest rate is 2.5% on 5000e only.


----------



## Drakon (21 Sep 2020)

2.5% ‘til November, 0.25% thereafter.


----------



## Marc (21 Sep 2020)

For many many people possibly the best strategy here is to simply overpay your mortgage. 
Aim to clear the loan early and and save more in mortgage interest than you would ever make in savings interest and free up valuable disposable income for children’s education costs etc in later life


----------



## Drakon (22 Sep 2020)

Depends on what the individual’s portfolio is. Remember, the four main asset classes are:
equities, bonds, property and cash.

The latter is the only one that can be held in less-than-bite-size amounts. And though inflation may eat into it, market crashes won’t devalue it.


----------

