Small inheritance & want to lodge it into my 4yo's Aib Junior Saver ac & cheque.

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Esme

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Hi

I am due a small inheritance soon and want to lodge it into my 4 year olds Aib Junior Saver account to start a college fund. I am assuming the inheritance cheque will have to be made out to me and wonder as his guardian, can I lodge it in there even though its made out to me?
 
Hi ESME,

Ive expanded your title a little to more fully reflect your question.

Have you asked your bank?

aj
mod
 
Can you not lodge it to your account and then lodge it to the child's account. Or open a new account with your credit union and keep it there.
 
Don't do it.
If an emergency arises you may not be able to access it. (14 years is a mighty long time).
The rules have become stricter AFAIK.
 
Maybe you could buy Prize Bonds in your joint names...could be lucky and have his education paid for with a win. Easy to access at a later stage to reinvest in a different product.
 
just a personal opinion after a number of years saving money in accounts for my 3 kids but recently i have opted to keep long term savings for the kids in my own name. It makes it easier to manage any emergencies that arise .

Another thing to note is that in the case of the AIB Junior Saver account when the child reaches 12 they most transfer to a student account. The rate of interest is also pretty poor.

I also received a small inheritance a couple of years ago and opted to put it in a term account that paid relatively good interest but I could access after a notice period.

For my month to month savings I have a salary deduction that puts a small amount into credit union accounts for each of the kids every month (it builds up nicely without me really noticing the sting in the pay check). I ahve used this to dip into for back to school costs, Christmas and holiday spending money for the kids. They also have their own AIB accounts that they themselves put saved pocket money, portion of Communion money, portion of any gifts they get from birthday's etc. into.

Again just my thoughts on it :)
 
Hi thanks for the replies.

In answer to Monagt, I have the account set up that I can withdraw and lodge and it will change into his name when he is 12.

Thanks for all the other advice, guys, much appreciated. Single mum, so need to be able send him to college myself, though wishing I could stop time right now and keep him at 4.

I will set up a standing order from my account to his to set it up.
 
Have a look at the 'Best Buys' thread to try and get the best possible return.
 
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