# best savings account for baby



## Boi (14 Jan 2008)

Hi all.just been looking at savings options on website but couldnt see anything similar.Am looking to open a savings account for my 5 month old baby.Would like to save her child benefit every month and just wonder where would i get best returns with that?
any help would be highly appreciated.


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## Conshine (14 Jan 2008)

This one seems good :

[broken link removed]

I am looking into it myself at the moment.


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## ClubMan (14 Jan 2008)

This question has been asked many, many times before. Do a search for similar threads.


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## wishbone (15 Jan 2008)

I'm using the AIB Online Savings, you get bonuses.

[broken link removed]


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## ClubMan (15 Jan 2008)

If you are saving on behalf of a baby with a view towards the medium/long term e.g. 5-10 years or more then you really should consider a low charges unit linked equity funds in preference to a deposit account. The former will most likely outperform the latter in the long run and the latter may not even keep pace with inflation meaning that your money will be losing real value/purchasing power.


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## Ben (15 Jan 2008)

Clubman, I am always very interested in threads on this topic but I find that they always get cut short by posters being advised to refer to previous threads. I have searched previous threads and often find that they are similarly cut short or are dated.

It would be great if others can advise for 2008. 

Boi, similar to yourself I have a young baby and I invest the child allowance in Quinn Life Funds and also put a monthly equivalent amount in a high interest savings account with EBS. It is not so much that I want to give my child a big cheque when they are 18, I would just like to know that there is a fund that I can draw on if my child needs anything from braces to a school trip.

I would appreciate advice from parents of older children as to the best way to save for a child and prepare yourself for the expected and the unexpected.


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## ClubMan (15 Jan 2008)

Ben said:


> Clubman, I am always very interested in threads on this topic but I find that they always get cut short by posters being advised to refer to previous threads. I have searched previous threads and often find that they are similarly cut short or are dated.


I fail to see how constructively suggesting that people search for previous threads on topics that have been discussed before constitutes "cutting a thread short". There are quite a few threads that were not "cut short" among . I'm sure that there are other searches that will find more. Even older threads contain useful advice as much of the general pointers/rules of thumb (e.g. considering low charges unit linked funds versus deposits over the medium/long term) does not date. Not everybody realises that certain topics crop up again and again, that there may be existing useful threads dealing with them and that these can be found by searching the site (preferably using _Google _as per my signature which is normally more effective than the _vBulletin _search) so there is no harm in pointing this out. If you already know that then feel free to skip posts suggesting it rather than dragging threads off topic moaning about them.


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## Ben (15 Jan 2008)

I responded to Boi with a recommendation for investment and savings and a plea to allow this thread / debate develop as it is an important and relevant topic to a lot of people. 
To describe my response as Dragging threads off topic to moan is completely inaccuate and over-reactive.  

I have often used the 'search' options on askaboutmoney and I agree with you that the archives of information are fantastic.  Of course it is a good idea to refer people to this information but I think that the first two results of your search link illustrate the point I was making.  Also I note the number of people who view this topic when it pops up.


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## Boi (15 Jan 2008)

Sorry Clubman,I understand your frustration but i actually tried searching the site before posting that thread.Like a few other people finding similar threads isnt easy.However I have now read some using your link-thanx 4 that.
Having said that I thought people might update us as to whats there in 2008(incase something good has come along)!
Ben, what sort of returns would I get with Quinn life?
Clubman,U mention low charges unit linked investment-can u ps point me 2 a good one?What are the projections?
I want to save for a "rainy day", not necessarily an 18th birthday present.

 apologies if I asked silly questions or something covered already.I am fairly new to this since becoming a parent.


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## ClubMan (15 Jan 2008)

Boi said:


> Having said that I thought people might update us as to whats there in 2008(incase something good has come along)!


See the _Financial Best Buys _forum lists for details of the best demand and term lump sum and regular saver deposit accounts/rates. 


> Ben, what sort of returns would I get with Quinn life?


No guarantees and past performance is no guide to future returns.


> Clubman,U mention low charges unit linked investment-can u ps point me 2 a good one?


See the _Financial Best Buys _forum, _Savings & Investments _key posts and do a search for information about low charges unit linked funds.


> What are the projections?


There are no guarantees with such funds and nobody can predict how they will perform into the future. However over the medium/long term they would normally be expected to far outperform deposits and inflation.


> I want to save for a "rainy day", not necessarily an 18th birthday present.


OK - so if your timeframe is shorter (e.g. you may need access in 5 years or less) then perhaps some or all of it on deposit and maybe some of it in a lower risk/reward low charges unit linked fund might be an option? It's difficult to recommend specific strategies without doing a more comprehensive fact find/review of your overall financial situation.


> apologies if I asked silly questions or something covered already.I am fairly new to this since becoming a parent.


You should also look at www.itsyourmoney.ie and their guides to savings and investments etc.


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## Ben (15 Jan 2008)

Boi,
I invested the Child Allowance in Quinn Life Funds with a 'fingers-crossed' attitude that longterm it would yield more than a savings account.  There is no guarantee of the return. 
My safety net back up is the high interest savings account where I put the equivalent amount of money in to monthly for my child.


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## ClubMan (15 Jan 2008)

Sounds to me like a good mixed approach especially if you think of the deposit based savings as short/medium term funds and the unit linked savings/investments for the longer term.


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## JosephSBK (16 Sep 2008)

I am a representative from ShoreBank and I would be happy to take some time to tell you about our High Yield Online Savings Account with a competitive 3.50% APY and $1 minimum balance. It has 24 hour online accessibility, allows for you to link up to six of your accounts for electronic transfer, and is FDIC insured. I know you said that this is something that you are looking to do for your child and ShoreBank offers you the benefit of knowing that while your money is growing you are helping to fund profitable, environmentally sound, and socially responsible projects throughout the United States for a more sustainable environment in the future. If this is something that you are interested in or have any questions, please don't hesitate to ask, that's why I'm here! If you would like to learn more about ShoreBank's High Yield Online Savings Account please click [broken link removed].


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