Best Place for kids savings

[random2011]

I have CU accounts for my 3 kids that I setup when they were born. I deposit a modest amount each month to each account which has built up over the last number of years (10 years plus in the oldest Childs case, 11 and 6 thereafter). However, I am not confident this is the best place to continue savings. I don't receive statements as they are kids so unless I physically attend the CU I cannot see what the balances are or what interest was earned if any. I am considering closing all 3 accounts and opening/transferring the balance to another institution likely the bank or post office. Looking for any advise on pro's/con's for different options.

 

[Mommabearof3]

Personally have not found anything worthwhile in terms of mainstream savings for kids. To access even the misory 3% regular saver/fixed terms savings from either AIB or BOI they must be over 16. An Post did not have anything I found of benefit either. To be honest I have opened a fixed term account with BOI it my own name but its for my youngest to try to fight inflation in a minor way. I have free banking with BOI but not sure if there are any fees involved in a savings account any way.

There has to be a better way of saving for kids I am very interested to see any others comments on this topic.

 

[thedaddyman]

As my eldest has gotten older, we opened up a BOI 2nd level current account for her so she got a card and got more used to managing her own money. We deposit money into it monthly via a standing order and she tops it up with anything she earns herself. She also has a savings account with a standing order from her current account monthly.

To be honest, it was more about encouraging proper behaviour and how to manage her own finances but she enjoys watching her own savings go up as well.

 

[Mommabearof3]

We have that too and can recommend they can get access to 353 and add card to phone depending on how you might feel about it thats also a good learning opportunity and introduction to budgeting.