# Children's Allowance Saving Advice



## MFK (16 Jul 2019)

Hi, we have twins and receiving €420 / month children's allowance which we would like to save for them. What account would you recommend for this?. I have looked at Best Buys regular Saver but just would like advice from anybody in similar position. Thanks, appreciate any help.


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## David1234 (16 Jul 2019)

There are a lot of threads on this topic that can be searched and the general theme is to pay down your mortgage first before saving children's allowance.


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## MFK (16 Jul 2019)

Thanks for reply. I seen some of the previous posts and because they were old I was essentially checking if there was anything more current that I should consider. The An Post account seems popular as it is tax free.
In relation to mortgage I didn't think this was advisable as it is a tracker but would be interested in peoples thoughts on that.


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## David1234 (16 Jul 2019)

Yes the tracker would make the margins closer depending on what rate you are on.

Have a look at the best buys for regular savers and see if you can beat your tracker rate (taking DIRT into account if applicable).


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## Laughahalla (19 Jul 2019)

Do you have any consumer debt, personal loans or credit cards . If yes, pay these off first. You will get an excellent rate of interest.


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## Super critical (2 Aug 2019)

I got similar responses when I asked about investment options. Aside from the fact I like
to segregate my money (I have about 4 different savings accounts and two lump sum
investments) I’d disagree with lumping something like children’s allowance into a mortgage as being a good idea. 

once the money is on the mortgage you can’t get it back out to cover a big expense such as say accommodation for a year of college etc which is why saving it or better again investing it to get better returns is much more appealing to me.


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## MFK (2 Aug 2019)

Thanks for replies. My plan is to try leave it untouched until they are 18. The An Post Child Saver 5 Yr account is where my thoughts are at so far but also thinking of the 10Yr solidarity Bond. Appreciate any thoughts.


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## Super critical (2 Aug 2019)

Can they be used for regular savings rather than a lump sum when they have the separate 6 year installment savings plan?


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## MFK (15 Aug 2019)

Super critical said:


> Can they be used for regular savings rather than a lump sum when they have the separate 6 year installment savings plan?





			https://www.statesavings.ie/media/pdf/brochure-instalment-savings


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