Savings Account For Son

B

byr02

Registered User
Messages
10
Hey All,

I want to start a savings account for my 1yr old son and would
like opinions on the best thing to do.

My ambition is to save quietly till he is 18/21 and the hand
the account over to him. The hope is that he will continue
to save regulary(wishful thinking) into this account as a type
of pension/rainy-day fund.

At the moment I would be limited to €25 - €50 per month.

I have briefly read that accounts called "Tracker Funds" started at this stage even with small
amounts can achieve good return within this timescale.

I know nothing about savings and investment.
Advice much appreciated.

sb
 
Well to start with you can legally give your child €3,000 tax free each year. In fact any person is able to receive €3,000 tax free from another in Ireland. They say that leaving cash in a savings account over the long terms is the worst Investment one can make. Have you considered some kind of an Investment account over the long term, invested in equities / shares. Be careful who you are investing with as you would not want your offspring's savings eaten up with Management Charges.

All of the Financial Providers have plans for your kind of savings. Keep away from Banks savings plans or others that have a heap of small print. The best would eb the larger of the UK Financial Institutions such as Standard Life, Friends First, but for your own sake keep well away from Bank of Ireland Life's plans, or else you will turn your children into old people with the heartache they will bring them.
 
It can be done anyway you like. Cash etc etc. Check the Revenue website.
 
What do you mean by Bank Of Ireland Life plans? are these investment plans you pay into or are they insurance plans?
 
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