# AIB Parent Saver Plan - regular saver with 10% on one year's contributions



## ClodaghK (5 Jun 2008)

I've a better one for you!! 
AIB have just launched a savings account that pays 10% interest. 

Its called a "Parent Saver Plan" 

Basically you open two accounts

1. The Saver Account
2. The Deposit Account

The Saver account takes a standing order every month from your appointed feeder account up to a maximum of €200 per month. This money is paid 10% interest.

At the end of the year the money accumulated in the Saver account is transferred into the deposit account where it earns 3% interest. 

Both accounts offer instant access, and lump sums can be lodged directly to the deposit account, and withdrawn again without any penalty.

Only criteria is that you have to have a child/children under the age of 18.

Still though, I think its the best one on the market at the moment


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## Colblimp (5 Jun 2008)

*Re: Anglo Irish launches new 8% Regular Savings Account*



ClodaghK said:


> I've a better one for you!!
> AIB have just launched a savings account that pays 10% interest.
> 
> Its called a "Parent Saver Plan"
> ...



Would one be able to withdraw it without penalties once it's been transfered into the deposit account?


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## MugsGame (5 Jun 2008)

*Re: AIB Parent Saver Plan*

Just because the headline rate is better doesn't mean it's a better account! The AIB terms limit you to an effective balance of €1200 at 10% pa, hardly worth the trouble compared to other accounts that allow larger balances or last more than a year.


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## ClodaghK (5 Jun 2008)

*Re: AIB Parent Saver Plan*

Mugsgame

I think the fact that it also allows you to open the deposit account as well is worth it.  Granted the amount you can put in the saver account is low, but you can put unlimited funds into the deposit account, have instant access to it and be paid 3% on the entire balance - not many accounts can offer that.


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## ClodaghK (5 Jun 2008)

*Re: AIB Parent Saver Plan*

Colblimp

You have instant access on both accounts - the regular saver and the deposit.  

You can lodge a maximum of €200 per month to the regular saver at a rate of 10% and unlimited funds to the deposit at 3%.


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## Colblimp (5 Jun 2008)

*Re: AIB Parent Saver Plan*



ClodaghK said:


> Colblimp
> 
> You have instant access on both accounts - the regular saver and the deposit.
> 
> You can lodge a maximum of €200 per month to the regular saver at a rate of 10% and unlimited funds to the deposit at 3%.



Sorry Clodagh, I phrased it wrong.  What I meant to say was, after the year of 10% is up, can one close the account or would I have to put it all into the 3% yoke?


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## MugsGame (5 Jun 2008)

*Re: AIB Parent Saver Plan at 10% interest*



> you can put unlimited funds into the deposit account, have instant access to it and be paid 3% on the entire balance - not many accounts can offer that.


You're quite right, not many accounts have the cheek to offer 3%. See the best buys for many accounts with better rates and similar terms and conditions.


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## ClodaghK (5 Jun 2008)

*Re: AIB Parent Saver Plan at 10% interest*

At the end of each year the money you have saved in the regular saver automatically gets transferred into the deposit and is paid 3%.  The regular saver then has a balance of 0 and the process starts up all over again.  
Does that make sense?


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## ClodaghK (5 Jun 2008)

Mugsgame
I had a look at the best buys section.  Do those accounts offer instant access and unlimited lodgements, and are the rates payable on the entire balance?


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## DELLBOY 08 (6 Jun 2008)

*Re: Anglo Irish launches new 8% Regular Savings Account*



ClodaghK said:


> I've a better one for you!!
> AIB have just launched a savings account that pays 10% interest.
> 
> Its called a "Parent Saver Plan"



You cant compare these two products as there both aimed @ a different type of customer. 



ClodaghK said:


> At the end of the year the money accumulated in the Saver account is transferred into the deposit account where it earns *3%* interest.



Why would you leave a lump sum in an account earning 3% when First Active offer 5.22% on lump sums?


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## MugsGame (6 Jun 2008)

The best lump sum deposit rates require internet access, but there are plenty of accounts which meet your criteria and offer far better rates than 3%, e.g. Anglo's 4.5% demand deposit account.


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## losttheplot (24 Jul 2008)

You could open up to four of these accounts (for four different children). That would allow you to save up to 800 per month at 10.25%. After the one year is complete the money is transferred to the deposit account at 3%, but there is nothing stopping you moving it elsewhere.

Could be useful for Grandparents as they may be exempt from DIRT also.


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## marksa (27 Jul 2008)

Am I right in saying that if you put in 200 a month every month, then the AER is 6.5%? (130 interest), or is that you are paid 10% on the total balance at year-end regardless of when the funds were lodged (2400*10% = 240 interest)


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## losttheplot (27 Jul 2008)

I think the interest is calculated daily and added to the account in April. It's not calculated on the final balance.


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## TSThomas (27 Jul 2008)

*Re: AIB Parent Saver Plan*



ClodaghK said:


> ...  Granted the amount you can put in the saver account is low, but you can put unlimited funds into the deposit account, have instant access to it and be paid 3% on the entire balance - not many accounts can offer that.



Northern Rock (5%), Rabodirect (4.3%), First Active (5.22%), Halifax (5.15%)... offer just that & at higher interest rates; so you are right to say that not many accounts offer what AIB do - they offer well more


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## ClubMan (28 Jul 2008)

Has anybody opened such an account for a child of which they are not the parent? Did _AIB _look for any documentation (e.g. child's birth cert, letter of authorisation from the child's parent(s) etc.)?


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## oldtimer (29 Jul 2008)

I am considering opening one of these accounts for my newly arrived grandchild. I would not dismiss it as others have done on this thread. I can save up to €200 per month @ 10.25%. I must also open a parent deposit account (3.25%) with a lump sum, but as interest is so low will open and maintain with €5. After 12 monthly instalments of say €200 in the parent saver account, the €2400 plus interest is automatically transferred to the deposit account (3.25%). Under the terms and conditions I cannot close the deposit account - if I do the parent saver account also closes. But I can withdraw all except the €5, thus leaving both accounts open and allowing me to continue another monthly cycle of savings at the very high rate. AIB guarantee an interest rate on the parent saver account of ECB + 6% until May 2009 and ECB + 4% until May 2010. To me it seems the best arount at the moment for children. Any parent can open these accounts on production of a birth certificate or certified copy of one. Grandparents and AFAIK anyone can open them likewise plus a letter of authorisation from the childs parent.


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## ClubMan (29 Jul 2008)

I would not dismiss it either. Compared to other regular saver accounts it's not bad especially for those who want to save between €200 and €800 (4 accounts) per month. Obviously you have to look at the rate guarantee and keep an eye on rate changes but that applies across the board.


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## ClubMan (29 Jul 2008)

ClodaghK said:


> Only criteria is that you have to have a child/children under the age of 18.


Not strictly true. See the _T&Cs_.


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## losttheplot (29 Jul 2008)

I've opened two accounts for my children, as I've been with the bank a while they did not require any documentation for the children.

On the application form there is a section for parental consent if the child is not your own and I think they may ask for a copy of birth cert.

A couple could actually open 8 accounts, 4 for each individual, if you can find 8 children. You could open them for nieces and nephews also.

There seems to be very few restrictions on the accounts with regards to withdrawls etc, which is good as some of the other regular saver accounts seem very restrictive.


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## The_Hustler (2 Aug 2008)

I'm pretty sure godparents can open these too with consent from the parents.


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## ClubMan (2 Aug 2008)

The_Hustler said:


> I'm pretty sure godparents can open these too with consent from the parents.


*Anybody *can open an account for *any *kids as long as they get permission. I'm just wondering if they insist on written permission or just reserve the right to ask for it?



losttheplot said:


> I've opened two accounts for my children, as I've been with the bank a while they did not require any documentation for the children.
> 
> On the application form there is a section for parental consent if the child is not your own and I think they may ask for a copy of birth cert.
> 
> ...


Thanks _losttheplot_.


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## oldtimer (2 Aug 2008)

I opened one for my grandchild and presented written consent from the childs father. I thought it was necessary '' third party such as grandparents or godparents my also open a Parent Saver Plan with the written consent of the parent of the nominated child.''


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## ClubMan (3 Aug 2008)

oldtimer said:


> I opened one for my grandchild and presented written consent from the childs father. I thought it was necessary '' third party such as grandparents or godparents my also open a Parent Saver Plan with the written consent of the parent of the nominated child.''


What is that quote from? Not from the _T&Cs_. As far as I can see the [broken link removed] say:


> 1.4 Accounts will be opened in respect of a child nominated by the Customer (“the Child”) with the consent of a parent of the Child if necessary. The Child must be under 18 years of age. We reserve the right to seek evidence of the existence of the Child, by production to us of an original or certified copy birth certificate or other documentation.


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## The_Hustler (3 Aug 2008)

It's on the main page.

*Benefits of the Parent Saver Plan:*



Great variable rates of interest on both savings accounts - maximising your savings.
Offers you the flexibility to save regularly on a monthly basis – as well as any lumps sums you may have from time to time. It is ideally suited for saving your Children’s Allowance.
Third parties such as grandparents or godparents may also open a Parent Saver Plan with the written consent of the parent of the nominated child.
For those unexpected emergencies you have the flexibility of withdrawing your money from either of these accounts at any time without penalty.
No fees or charges apply to either account.


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## ClubMan (4 Aug 2008)

Thanks. The _T&Cs _are presumably more authoritative than any product blurb on the website though.


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## Up Tipp (26 Aug 2008)

i opened four of these accounts-you would be a fool not to-I read all the t's and c's and the product information-and concluded that just about anyone can open one (or 4)! of these accounts


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## Joe Nonety (26 Aug 2008)

If you open the account in a child's name, does the child own the account or do you?


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## Up Tipp (27 Aug 2008)

you own the account joe


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## Don_08 (23 Sep 2008)

Could a couple open 8 accounts all for one child?

Can;t see anything against it in the T&C.


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## ClubMan (23 Sep 2008)

Don_08 said:


> Could a couple open 8 accounts all for one child?
> 
> Can;t see anything against it in the T&C.


What about:


> 1.5 No Customer may open more than four Plans whether in the Customer’s sole name or jointly with another customer.


I would also imagine even if the _T&Cs _don't state it explicitly that they would only allow one account per individual child.


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## Don_08 (23 Sep 2008)

But "the Customer" must be over 18 years of age.  Seems pretty clear that any reference to a customer is to the Parent.

I'll drop in to check what is possible


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## K-Man (27 Aug 2012)

I must close down my Parent Saver accounts - I have just noticed that the Interest Rate is now down to only 2.5%


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