# Best Child bank account



## chlipps (21 Jun 2009)

I want to open a bank account for my son (1yr) to lodge some presents into it. We were considering prize bonds but unsure. We have looked at the best reg savings and best lump sum deposit forums but undecided... Any recommendations??


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## TJason (22 Jun 2009)

Just recently somebody mentioned that the BAnk of Scotland has some good offers. Maybe you can check them out. Good Luck for the search!


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## Nutso (22 Jun 2009)

AIB are doing a parentsaver account with 7% interest pa -I think the max you can lodge per month is €200.


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## Lightning (22 Jun 2009)

chlipps said:


> I want to open a bank account for my son (1yr) to lodge some presents into it. We were considering prize bonds but unsure. We have looked at the best reg savings and best lump sum deposit forums but undecided... Any recommendations??



What exactly do you want?
1) A deposit account that earns a good rate of return for a lump sum?or
2) A savings product aimed at kids ?



> AIB are doing a parentsaver account with 7% interest pa -I think the max you can lodge per month is €200.



No regular saver account currently offers a 7% return. AIB offer 5% for the first year only up to 200 EUR per month with their "parent saver" product. 

Anglo offer 5.50% up to 1,000 EUR per month.


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## chlipps (22 Jun 2009)

was planning on having an a/c for the occassional lump sum rather than regular set amount per month. Then when child is old enough that he takes it over and at any early stage understands importance of saving. Any recommendations on bank/account type?


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## oldtimer (22 Jun 2009)

The ''parent saver'' accounts offered by banks and building societies usually have restrictive terms and conditions attached which are not attractive. I have stated before on several threads the best savings product for children is An Post Saving Certificates. They are simple to understand, are State guaranteed, are DIRT free and in the current climate offer the best long term interest.


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## Lightning (23 Jun 2009)

chlipps said:


> was planning on having an a/c for the occassional lump sum rather than regular set amount per month. Then when child is old enough that he takes it over and at any early stage understands importance of saving. Any recommendations on bank/account type?



The best rate for an on demand lump sum is 3.60% with Anglo Irish

See http://www.askaboutmoney.com/showthread.php?t=102329



> Best demand rate up to €100,000, Internet access not required.
> Anglo Irish Bank: Premium Demand (Discuss)
> 3.60% (>= ECB+0.5% until 1 Jan 2010) on €1 minimum to €100,000
> 3.50% (>= ECB unti 1 Jan 2010) on €100,001 to €1m maximum (rate applies to whole balance, not excess)
> Interest paid annually.



This product is the best rate on offer rather than a child friendly product.


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## chlipps (23 Jun 2009)

Thanks for the feedback guys

Oldtimer..I like the idea of the An post certs.. is there any problem buying cert now for say 500 euro and say buy another in 7-8 months for say 100 euro etc..

My son is just 1 now so he would be nearly 7 by time it matures..if i put cert in his name, is there minimum age before he can withdraw..thanks again for feedback


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## oldtimer (24 Jun 2009)

Saving certificates can be purchased for amounts of €50 upwards. They can be purchased anytime, to-day, next week, next month etc up to the limit of €120,000. Normally they cannot be withdrawn until the holder reaches seven years of age. The purchase of the first certificate will require identification and I suggest you ring their freephone number (1800 30 50 60) for guidance. Once first certificate is purchased it is plain sailing. Hope this helps.


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## alaskaonline (24 Jun 2009)

i opened an account with Credit Union when my child was born and since lodged all the money presents for her into this account. don't remember what the interest rate is like but it's enough to let the total amount rise p.a. i am not bound to put money in every month and when my child is 18 she has free access to it (to as much of the money she wants/ needs)


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## oldtimer (24 Jun 2009)

I can assure you the interest your childs account is getting in the credit union is very very low, much less than saving certificates, but, if you are happy with less money for your child it is your choice.


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## samanthajane (24 Jun 2009)

Have you looked at opening an account in the UK? 

here is a link http://www.britishinformation.com/children-savings-accounts/

At the moment i'm recieving 6.00% for my childrens accounts which i think is a good rate at the moment. 

I'm not sure how the legal side of things work with not being a uk resident, my children were when i set up the account and i've also opened an account for my god-daughter through my name as well who lives in dublin, and no questions were asked. It even has her address in dublin as the postal address and every year the statements will be sent there. It could be because i'm a UK resident that this was allowed i wouldn't know for sure.


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## chlipps (28 Jun 2009)

savings certs sound like the best way for me to go on this one. Thanks to all for feedback


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