Saving for childrens college fund

[Studentmike]

I was just about to look into long term savings plans for my two nephews one aged 6 the other 3 but wasn't too sure where to start?

Idealy they would have to be two seperate accounts/policies with the premium being around €15 - €20 a week.

Could anyone point me in the right direction?

 

[ClubMan]

?

 

[Studentmike]

Thanks fot the info clubman!

I was just wondering what the best route is to go down. I want the accounts to be kept private form the kids untill they need the funds for college or house etc so I guess it would have to be in the parents name with the child being a named party?

The term wold be around 11 - 15 yrs and as said before I gues the max that could be paid in would be around €15 per week for each policy

 

[ClubMan]

Just invest the money (e.g. €30 p.w.) in your own name and give it to them when the time comes? Obviously there could be gift tax issues regardless of how this is done. For a 10+ year investment timeframe you should at least consider a low charges unit linked fund with a high equity content.

 

[Studentmike]

Thanks for the "low charges unit linked fund with a high equity content" advise and therefore sould my next port of call be the Likes of Eagle Star, Quinn etc?

The slight problem I have with the name issue is that each child have a seperate father and hense having two policies insted of putting the money into one.

Therefore I presume the statements would have to go to seperate address and also no money can be withdrawn without two signitures etc

 

[ClubMan]

Thanks for the "low charges unit linked fund with a high equity content" advise and therefore sould my next port of call be the Likes of Eagle Star, Quinn etc?

See the Financial Best Buys forum, the key posts in this forum, the AAM Guide to Savings & Investments, www.itsyourmoney.ie etc.

The slight problem I have with the name issue is that each child have a seperate father and hense having two policies insted of putting the money into one.

I don't see any need to or advantage in putting the money in the children's names. Unless it might have gift tax implications (e.g. exemption from gift tax on the gifted money invested on a regular basis versus a possible gift tax liability when the invested/accumulated fund is handed over in a decade or so?). Otherwise why not just invest it in your own name and give them the money in a decade or so?