With a 10 year time horizon, I would look at investing the monies. Standard Life do a prepackaged bare trust product which is neat from a tax perspective. You can contribute up to €3k per annum (and so could your spouse/partner if relevant). You can also seed it with up to €30,150 if your niece's Group B threshold is still intact. Tax on any investment return is taken care of at fund level and doesn't create any reporting obligations for anyone (unless the gift excluding the €3k per annum is at a level of 80% of the relevant threshold in which case a CAT return must be done for the child).