# Savings accounts for Child Benefit



## Sophdelec (4 Aug 2006)

We have 2 children and would like to put the Child Benefit (monthly one plus the yearly 1000 euro lumpsums) towards a savings account. 

There seems to be a good few options out there but anybody knows the best one?? 

Irishlife have a plan but isn't tax free and not guaranteed return. What about An Post Childcare Plus? Even if it's not tax free we would like the guarantee to have our initial investment back. We don't mind not being able to access the money for 5 years.

Tx for your help


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## Squonk (4 Aug 2006)

I'd suggest putting the money into some equity-based scheme. You don't want to cash in the money I presume for ~18 years so you can tolerate the topsy-turvy of stick markets.


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## readysteadygo (4 Aug 2006)

Good advice Squonk, could you suggest some equity based schemes?


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## Squonk (6 Aug 2006)

billygruff said:
			
		

> Good advice Squonk, could you suggest some equity based schemes?


 Er, that's where I have a problem !! Try Eagle Star maybe...[broken link removed]


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## CCOVICH (6 Aug 2006)

If you use the search facility you will see that saving child benefit has been discussed plenty of times before.

There are few ways of saving/investing tax-free.

Any product that guarantees the capital will almost certainly underperform those that don't (higher charges, capped returns etc)


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## Sophdelec (6 Aug 2006)

Thank you for your advice. I tried and did a search but couldn't find anything, will try again.


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## CCOVICH (6 Aug 2006)

If you search for 'children's allowance' you should find more info.


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## asdfg (7 Aug 2006)

Does this help


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## Sophdelec (7 Aug 2006)

Yes that's very helpful thank you very much!


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## bocade (8 Aug 2006)

Eagle Star's charging structure on this product is high. Try Quinn Life Pride n Joy, they have only 1% charge and have come out on top on the SSIA performance which is a similiar regular savings type product.


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## z105 (8 Aug 2006)

Anglo Irish Bank are currently doing a 2 year regular savings account and currently offering 5% - min payments 100 euro up to euro 1000 per month.

I have no affiliation to Anglo.


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## z105 (10 Aug 2006)

Just been advised by Anglo Irish that the Interest rate is now 5.5% on their regular savings account !


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## MLT (22 Aug 2006)

Just the One re: you're query on saving accounts for a baby... 

I've just looked into this myself and I've gone with an equity investment option because savings will be over the long term & this should make more than a standard deposit account. I went for Quinn Life as it has the lowest charges for this type of account. 
Was reassured when I seen it recommended by Niall Brady in the Tribune on Sunday!


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## Fowler (4 Dec 2006)

I would be anxious to know what is the best investment of a once off sum say €5000 for a child?


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## mollymalone (7 Dec 2007)

When you say a "once off" sum, I take it you mean to not contribute any further monies on behalf of the child? Taking into account the age of the child I would assume you're making an investment for a period of 10 years or more and would need to take such into account? People here have mentioned the Quinn Life funds and whilst they do represent lower charges unfortunately they don't have the experience to back up their performances, i.e. why are their charges so much lower than the competition?! (no such thing as a free lunch!) Through the years I find it's the difficult years in economies that best illustrate an assurance's company's abillity to wade through the deeper waters. Having said as much I look forward to seeing Quinn Lifes' performance figures for year end.

Back to your investment, taking the term into account I would favour a medium to high risk approach, based mainly in equities. I would stress that you examine long term performances of any investments you may consider. It may not be bad advice to invest directly into a company as (depending on your choice) this will ultimately be the most rewarding.


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## ClubMan (7 Dec 2007)

mollymalone said:


> People here have mentioned the Quinn Life funds and whilst they do represent lower charges unfortunately they don't have the experience to back up their performances


What do you mean? What experience do you need to track an index?


> Having said as much I look forward to seeing Quinn Lifes' performance figures for year end.


Don't they have unit prices on their public website? If not I can get you them from my account if you like.


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