Kids deposit accounts

D

daheff

Registered User
Messages
233
Hi

I'm looking to open a savings account for my children that I can transfer money to online, and which offers a reasonable rate of return.

can somebody please suggest one for me?

any of the banks i've talked to (usual crew) say they dont have one that I can transfer money to online, or its locked away for 6/12 mths at a time at minimal rates

thanks
 
Some options below, not certain about online access.


 
Just look around for a Savings account with a high interest rate, open it in your own name, and just earmark it for the kids.
Like the kids won't be accessing it themselves (at least not until they show some respect for money says you).

We have the AIB Parent and Child Saver - the Child account has a good rate of interest, but once you go over a certain amount of money (very low) the money gets syphoned off into the Parent Deposit account which now has a very low interest rate. It's a waste of admin time for all concerned. I only opened them because at the time the interest rate was the highest going.
Recently I took out what was in the Parent Deposit account and put it in the EBS 18mth Fixed Term.
I'm not sure I'd bother with a Child Saver account again unless the interest rate is good.
So make your decision based on interest rates rather than the appeal of a Child saving account. The interest rates change so much that you can't expect to open a savings account today and still be using it in three years time. Banks lure you in with a high interest rate, then discretely lower it further down the line.
 
thanks for the replies.

we dont really want to open accounts in our names (just in case something should happen to us). We (ideally) want the accounts in the names of the children.

I'll look into the EBS & PTSB accounts above

thanks though
 
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