Best children bank account

D

Donaoib

Registered User
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Hi. I want to put my children child allowance into a bank account for them so they ll have money hopefully for college. Does anyone know the best interest rate in any bank at the moment.
Thank you in advance
 
I opened an account with EBS about five years ago but when the balance was approaching the €5k limit I opened an account with BoI last year.
Both times I researched the best AER available. I cannot remember the the EBS rate but the BoI rate is 2.5%.
However, the latter is set to drop to 0.25% in a couple of months so I’ll be on the lookout again.
I’d appreciate knowing what you find. Thanks.
 
Im like you drakon. I have just reached the limit with ebs so im thinking of bank of Ireland. I think the post office saving account has very little interest on it.
 
Drakon said:
I opened an account with EBS about five years ago but when the balance was approaching the €5k limit I opened an account with BoI last year.
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Are there charges on these two accounts? I know the €6 per month was going to be applied by BOI on all current accounts, maybe these kids accounts are excluded.
 
AndroidMan said:
Are there charges on these two accounts? I know the €6 per month was going to be applied by BOI on all current accounts, maybe these kids accounts are excluded.
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The kids account is a “savings account” not a “current account”. I’d be surprised if they applied the charge you refer to.
 
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I went into my local bank of Ireland and asked about opening a savings account for my children. They could not tell me anything about a savings account but got a lady to ring me about opening a savings accounts. The only thing she could tell me about was investment. She didn't believe me when I said I had read that there was a child saving account with 2.5% in her bank.
 
Donaoib said:
I went into my local bank of Ireland and asked about opening a savings account for my children. They could not tell me anything about a savings account but got a lady to ring me about opening a savings accounts. The only thing she could tell me about was investment. She didn't believe me when I said I had read that there was a child saving account with 2.5% in her bank.
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Is there ? If so where
 
I have just looked up the bank of ireland website. On it is a young saver account interest rate is 2.5% on 5000e only.
 
For many many people possibly the best strategy here is to simply overpay your mortgage.
Aim to clear the loan early and and save more in mortgage interest than you would ever make in savings interest and free up valuable disposable income for children’s education costs etc in later life
 
Depends on what the individual’s portfolio is. Remember, the four main asset classes are:
equities, bonds, property and cash.

The latter is the only one that can be held in less-than-bite-size amounts. And though inflation may eat into it, market crashes won’t devalue it.
 
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