Childrens Savings

[regvw]

Hi All,
I have decided its time to open some small savings account to put a few pound away each month for my children. Nothing major just a few pound if I can spare to use again when they start school and the like.

Cold anyone reccomend a suitable account that might pay some interest, what about an post ??

Thanks
Reg

 

[Lightning]

Hey Reg,

(1) If you are happy for the account to be in your name, then just read the 3 best buy threads.

(2) If you want the account in your kids name. Then here are some options ...

[broken link removed]
3.02% from €1 to €5,000
Note 1: Instant access
Note 2: Account can be opened by those under 12.
Note 3: €20 (gross) bonus added to the account after the first six months of saving. The one off bonus interest payment will be credited to the account 6 months from account opening if a minimum balance of €50 is saved and maintained in the account for the first 6 months from the date of account opening
Deposit Protection: Eligible Liabilities Guarantee, which is the Irish government bank guarantee scheme until at least December 31st 2011.

[broken link removed]
3.02% from €1 to €5,000
Note 1: Instant access
Note 2: Account can be opened by those aged 12 to 17.
Note 3: €20 (gross) bonus added to the account after the first six months of saving. The one off bonus interest payment will be credited to the account 6 months from account opening if a minimum balance of €50 is saved and maintained in the account for the first 6 months from the date of account opening
Deposit Protection: Eligible Liabilities Guarantee, which is the Irish government bank guarantee scheme until at least December 31st 2011.

[broken link removed]
3.00% from €1 to €20,000
1.50% on €20,000+
Note 1: Instant access
Note 2: Account aimed at children under 12 but can be opened by anyone.
Note 3: Interest paid annually on the first working day after 20th November.
Deposit Protection: Eligible Liabilities Guarantee, which is the Irish government bank guarantee scheme until at least December 31st 2011.

[broken link removed]
3.00% from €1 to €20,000
0.10% on €20,000+
Note 1: Instant access
Note 2: Account aimed at 12-18 year olds.
Note 3: Interest paid annually on the first working day after 20th November.
Note 4: ATM card supplied with account.
Deposit Protection: Eligible Liabilities Guarantee, which is the Irish government bank guarantee scheme until at least December 31st 2011.

http://www.statesavings.ie/products/Pages/default.aspx (State Savings: ChildCare Plus and Investment Savings)
5 Years 3.37% (A normal deposit account would need to be paying 4.61% to match this rate because this product is not subject to DIRT at 27%)
Note 1: €120,000 maximum
Note 2: Early withdraw is possible but is subject to interest penalties.

 

[Conshine]

Are there any options to maybe put some money in an account that is not able to be accessed until the child turns 18, or 21? Something similar to a Child Trust Fund that they have in the UK. Either a lump sum, or something that you maye contriute to annually / monthly. It would be in their name.

 

[daheff]

i just set some up today with NIB -they pay 3% on demand

its a bit tedious setting it up (coz of all the forms to be filled out), but it covered my main issues

1- no fees
2- can transfer money online to them
3- in childrens names (so if there are any issues with deposit protection then they have 100k of cover themselves)



Conshine -in relation to your q on nt being able to access the cash, you could just not tell the child until they hit 18/21? or maybe lock it into a 10 year fixed term when they hit 11

personally i wouldnt lock it away...u never know when its gonna be needed