Children's Allowance Saving Advice

MFK

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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.
 
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.
 
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.
 
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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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.
 
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.
 
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.
3982
 
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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