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Kids Bank Accounts

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  • 13-11-2008 9:51pm
    #1
    johnbaz72
    Registered Users Posts: 40 ✭


    I set up an AIB "junior saver" account for my son and his children's allowance gets paid in there. I recently found out the deposit interest rate on this account is 1.5% per annum. Does anyone know if there is a restriction on what types of account a childrens allowance can get paid into, as obviously I want to set up an account for him that pays a higher interest rate than 1.5%.
    Thanks in advance...


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    #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    Nope, it can be any kind of account that you want provided that its a bank account that will take regular lodgements rather than a "lump sum" account. Check with your bank, they will give you information on a suitable account with a higher interest rate.


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    #3
    johnbaz72
    Registered Users Posts: 40 ✭johnbaz72


    Thanks.


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    #4
    Enright
    Registered Users Posts: 943 ✭✭✭Enright


    open a credit union account, your child will get a better rate of interest and in return they will get all the benefits of the largest co-operative movement in ireland


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    #5
    laurak265
    Closed Accounts Posts: 205 ✭✭laurak265


    EBS have a new kids savings account. Think its the BIG Saver account, My son has one and has a good interest rate. ;)


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    #6
    Bobeagleburger
    Registered Users Posts: 45,454 ✭✭✭✭Bobeagleburger


    Enright wrote: »
    open a credit union account, your child will get a better rate of interest and in return they will get all the benefits of the largest co-operative movement in ireland

    credit unions give sh1te rates of interest.

    Try first active /halifax for attractive rates


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    #7
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    johnbaz72 wrote: »
    I set up an AIB "junior saver" account for my son and his children's allowance gets paid in there. I recently found out the deposit interest rate on this account is 1.5% per annum. Does anyone know if there is a restriction on what types of account a childrens allowance can get paid into, as obviously I want to set up an account for him that pays a higher interest rate than 1.5%.
    Thanks in advance...

    http://www.aib.ie/personal/savings/Regular-Saving-Accounts/AIB-Parent-Saver-Plan


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    #8
    zenit
    Registered Users Posts: 78 ✭✭zenit


    I have 2 Halifax Child Saver Accounts. I got a call from them yesterday suggesting they may have a better option now available.
    E200 voucher on opening.
    8-10% AER.
    E350 bonus after 5 years.

    I may have some or all of these details wrong but try ringing them as I think she said it may not be advertised online.


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