# Best place to save money for a child?



## blinkbelle (7 May 2007)

hi all,

Im sure this has been asked before. Ive looked at some other threads but cant find anything. Im bascially looking to have about €50pw out of my bank of ireland account into another savings account for my daughter.

 At the moment i have €30 going into a boi saving account but it is not making any interest, at the time I just wanted to save money for her, but now as her christening money has gone in etc she has accumalated quite a bit.

If anyone could point me in the right direction id be grateful? I just want her to have money for college etc when she grows up

Thanks


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## basamin (8 May 2007)

how about post office savings certificates.16% for 5 and a half years


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## NorfBank (8 May 2007)

have you checked here http://www.askaboutmoney.com/showthread.php?t=20747


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## march (9 May 2007)

HI 

I'm opening a credit union account for my 1 year old. I think its best for this purpose and they can borrow if needs be.


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## CCOVICH (9 May 2007)

basamin said:


> how about post office savings certificates.16% for 5 and a half years



That's a poor return compared to what is available on deposit accounts, or regular savings accounts for that matter (details of which are available in the Best Buys forum).

If saving for long-term (10 years plus), you may want to consider something more risky (with a greater potential return) than  cash.  Unit linked finds allow you to add €50+ per month.

I'm pretty sure both cash and equity based investment has been discussed previously-probably in connection with saving child benefit/children's allowance.


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## z108 (10 May 2007)

It sonds like shes still a toddler ?  As time is on your side, how about a unit linked fund like Quinn Life ? 
You can always switch out of it a few years before she needs it .


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## States (10 May 2007)

Just opened a RaboDirect account for my daughter.  Rates and products are competitive.


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