My wife and I have decided to open up three saving policies in the New Year for our sons and pay between €3,000 and €6,000 into each account over 12 months for a minimum of 5 years. All 3 sons are in their early twenties and hope to get on the property ladder as some point in the future. As I know they will not be able to do this without help my wife and I, we thought the best way to do this is to take advantage of the annual €3,000 gift tax allowance. My question is in relation to the savings policy. We are leaning towards Irish Life MAPS 5 or 6 for the three policies. Are there any similar policies out there that would have less fees or would be worth considering?
I invested a lump sum 11th March 2020 in MAPS 6 and it is up by 40%. I understand that the timing was very good and that it is unlikely that these gains will be matched in the next few years, but I would prefer this sort of investment over a low risk such as State savings.
I invested a lump sum 11th March 2020 in MAPS 6 and it is up by 40%. I understand that the timing was very good and that it is unlikely that these gains will be matched in the next few years, but I would prefer this sort of investment over a low risk such as State savings.