Setting up a bank account for your child.

Tim Robbins

Hi,
Just looking for some advice about setting up a bank account for your child. Basically we were looking for something with low cost and something that we could just put some money into for our little boy. It won't be large amount it's more a gesture thing. So say if there's only a 200 euro in there's no point having an account where 40 euro goes on taxes and fees. We just want so if Granny gives 20 euro for his birthday we have somewhere to put it.

We were also looking for something whereby we could withdraw money for our little boy for emergency situations. For example, say he needs glasses or a brace and we can't afford that we could take the money out.

Any suggestions welcomed.

Thanks.

High&Low

If you go into any bank you will be able to set up an account for your kid - there will be no charges.

To avoid any paperwork hassle you are best to open the account where your personal account is held.

Not sure if you can have access to the account for withdrawels if the account is in your kids name - I know with the accounts I have for my children we have no right to withdraw money.

Whether you are an adult or child for any type of bank account (current, deposit etc)where you are not availing of an overdraft you should not be paying any fees, there are plenty of different accounts out there with all the main banks. If you are paying fees, move bank or talk to them about an alternative account

deisemum

My children have their account with the Credit Union so it's very accessible as it has much better opening hours. Now that my older lad is 14 he can assess his account without my signature, that was our decision.

The Post Office have accounts suitable for children.

BTW if your children need glasses they're free if you go through the public health service and we had a very positive service going the public route.

insert-gear

High&Low wrote: »

Not sure if you can have access to the account for withdrawels if the account is in your kids name - I know with the accounts I have for my children we have no right to withdraw money.

Whether you are an adult or child for any type of bank account (current, deposit etc)where you are not availing of an overdraft you should not be paying any fees, there are plenty of different accounts out there with all the main banks. If you are paying fees, move bank or talk to them about an alternative account

Set up a savings account. There are no fees and it earns a low percentage of interest.

As it is a minors account you will have to be a guarantor (one or both of you). This gives you full access, you can make withdrawals, just the usual bring ID to the bank when you wish to withdraw

And also, if you have a current account with an ATM card, regardless of whether youre under 18 or not you get charged for it. You're better off setting up a savings account as it wont be constantly used, so you dont need ATM access. My parents set up mine with National Irish Bank years ago and I got a free parrot money box, some banks offer "Junior savers scheme" kind of things with a little perk like that (although in this day and age they might have cut back on them)

Also, regardless of where you set it up, you need to bring in the same documentation as you did to set up your own. I.D and 2 bills. Im not sure what the requirements are for I.D on your childs behalf. Possibly their passport

cch

deisemum wrote: »

BTW if your children need glasses they're free if you go through the public health service

Not since the budget

deisemum

cch wrote: »

Not since the budget

That's disgraceful, fortunately my lad no longer needs glasses and is signed off but it was a great service.

Eoineo

If your child is under 1, most Credit Unions will give you a bonus amount (€10) when you open an account with them. Personally I like the idea of a CU account as opposed to a direct savings account with a bank.

You will need a birth cert and proof of ID for yourself. Money can be withdrawn from a child's CU account by the guarantor (parent) up until the child reaches 16 years of age. HTH

Cookie Jar

+1 on the credit union and post office. Great way to save for kids. I had both when I was younger and thats how i became such a good saver:)