# Bank account for newborn



## breaks (7 Jan 2010)

Hi All, 
Have a 6 week old baby boy and we were thinking of setting up a bank account for him. Ideally something that has no charges ( we won't need atm cards), allow us to check balance etc online and allow us his parents to make transactions even though it is his account. So say he wants a bike in four years time and we can't afford it but we could use money from his account.

Any advice or tips greatly appreciated.

thanks


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## Sunny (7 Jan 2010)

*Re: Bank account for new born*

I know Halifax offer a childrens account as I am sure all the banks do. Think this might covered elsewhere if you do a search.


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## DrMoriarty (7 Jan 2010)

*Re: Bank account for new born*

Hi breaks, congratulations on your new arrival.

Bear in mind that most ATMs are at least three feet off the ground, so using them may pose a problem for the young man initially. 

Have a look at the various savings options in the Best Buys. You should earn a bit of interest on the money rather than have it just sitting in a 'child' account earning very little. He won't really grasp the difference.

Best deposit rates (lump sum savings)
Best deposit rates (regular savings) 
Best deposit rates (fixed term lump sum savings)


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## senni (9 Jan 2010)

*Re: Bank account for new born*

HI

I went into my local halifax yesterday and they do not open accounts in your childs name, they only do a regular saving account in your name. I am looking for an account that my child can go in and lodge his birthday monies etc as i want to teach him the value of money ( he is eight )

She said EBS have a good account for children, so im off to investigate on monday ! Perm have a childrens account but it is paying a variable rate,which i feel they will soon reduce !!


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## Lightning (9 Jan 2010)

*Re: Bank account for new born*

PTSB offer the best rate for children's accounts ...



> *[broken link removed]*
> _*3.00%*_ from €1 to €20,000
> _*1.50%*_ on €20,000+
> Note 1: Instant access
> ...


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## noggy1810 (15 Jan 2010)

*Re: Bank account for new born*

Also have a look at what An Post have to offer especially if thinking of saving children's allowance. No tax, keen rate of interest and as safe as the state(however safe that is)


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## colm (15 Jan 2010)

*Re: Bank account for new born*



Sunny said:


> I know Halifax offer a childrens account as I am sure all the banks do. Think this might covered elsewhere if you do a search.


 
Halifax will *not* open accounts for children.


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## Irish Spirit (21 Jan 2010)

AIB have a parent/childrens account with a good rate. check it out on www.aib.ie


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## Lightning (21 Jan 2010)

Don't touch the AIB Parent Saver account. 

Read the AIB T&C's very carefully, 

There is a max contribution of 200 EUR per month 
The rate expires on May 20th 2010
You will get AIB's standard variable rate, 0.01%, after that date.

Hence, you will earn 200.00 EUR * 0.05 * (5/12) * 0.75 = 3.12 EUR   !!! (per first January contribution and less for the rest). 

Don't waste your time & money with this AIB, T&C heavyweight account, there are far better options.


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