Opening A/C's for children

Kent Brockman

I have some savings bonds maturing and am thankfully in no immediate need of the money. Interest rates are pretty poor to say the least so I am going to chance a bit on Prize bonds.
It is also an ideal opportunity to put money by for the kids education, house deposites and even future holidays.

Anyone know anything about setting up bank or Credit union accounts for children?
Is there age restrictions?
Do you need PPS No.s?
Is there max or min amounts of money that can be lodged before gift/inheritance tax or some such rubbish applies?
Do the parents have to act as account holders until a certain age?
Where is the best place to set up these accounts ?

Advice/ideas appreciated.

Mort5000

Prize bonds don't pay interest, so you're losing at at least the rate of inflation.
Have you looked at this:
http://www.zurichlife.ie/savings_and_investments/regular/child_savings_plus.jsp

AIB have a Parent saver account.
EBS have a family saver account (which some strange T&Cs).

daithijjj

Im not sure if this is an option for you kent but you can print off the pdf file of t&c's to these accounts/products by clicking on the product. Might give you a better idea of where you stand.

http://www.statesavings.ie/products/Pages/default.aspx

homer911

Rabodirect step you through the process of opening an account for a minor, and I think they are still giving €20 when you open an account...

http://www.rabodirect.ie/includes/open_account.aspx

pug_

Mort5000 wrote: »

Prize bonds don't pay interest, so you're losing at at least the rate of inflation.
Have you looked at this:
http://www.zurichlife.ie/savings_and_investments/regular/child_savings_plus.jsp

AIB have a Parent saver account.
EBS have a family saver account (which some strange T&Cs).

I too am looking into setting up a savings account for my two kids, had a look at the above link and this jumped out at me..

Makes full use of annual gift tax exemption limits

Anyone know what in jimminy this is? Could I be entitled to tax back because I save money for my kids? If so I'd be grateful if someone could enlighten me.

Mort5000

pug_ wrote: »

I too am looking into setting up a savings account for my two kids, had a look at the above link and this jumped out at me..

Anyone know what in jimminy this is? Could I be entitled to tax back because I save money for my kids? If so I'd be grateful if someone could enlighten me.

Hope this helps:

Revenue.ie

pug_

Thanks for that. Hmm, not what I was hoping for, didn't realise you have to pay tax for saving money for your child (or more accurately my child will have to pay tax for receiving it). At least I have pretty much zero chance of ever reaching the threshold bar winning the lotto that is.