savings account for minor

[tuppe]

What type of bank/an post account would you recommend getting for a kid to start saving a bit? Nothing major, of course, just a few euro weekly. Thanks,!

 

[TarfHead]

I decided to get my children to open accounts with EBS for their 'residuals' from respective first Holy Communions.

The interest was (at that time) competitive, they have a local branch and they have a decent offering for kids, e.g. money box, certificate posted to home address.

My family has no other connection with EBS.

Since then, the local credit union has opened a 'branch' in the national school. Someone calls around once a month, or so, and the kids are encouraged to open an account (with parental consent) and lodge a few euro each visit.

 

[Lightning]

What type of bank/an post account would you recommend getting for a kid to start saving a bit? Nothing major, of course, just a few euro weekly. Thanks,!

(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.