Savings a/c for a child

kerryman12

Hi All

I recently became a father for the first time.

Myself and herself were thinking about open a savings account for our child, a sort of colleage account or what ever. I had a look on itsyourmoney.ie at the cost comparisions for a start, but nothing is jumping our at me right now.

Can anyone advise on a particular product for this purpose?

REgards
KYman12

homer911

Savings Certs or Bonds would be the best. Check out statesavings.ie

JTMan

Savings bonds are invested in the Irish national debt.

Do not put your money in the Irish national debt. Even the Economist was calling for us to default this week. The CDS swap market says we have a 60% chance of defaulting.

Place your money in a safe place.

I suggest Nationwide UK @ 3.00%.

Rebel1977

kerryman12 wrote: »

Hi All

I recently became a father for the first time.

Myself and herself were thinking about open a savings account for our child, a sort of colleage account or what ever. I had a look on itsyourmoney.ie at the cost comparisions for a start, but nothing is jumping our at me right now.

Can anyone advise on a particular product for this purpose?

REgards
KYman12

Best bet would be to contact Bank you deal with, and see what options they have as it all depends on if you want access to the funds at any time, you want it locked away with no access etc

Quality

An post have great savings
For child benefit

unclebill98

If you want it your childs name then the rates are crap tbh.

Best to keep it in your own names and have a look at some of the regular savers from the banks. Most are giving good rates for monthly savings. If your looking to save for the future then i'd assume its not a lump sum more of a monthly thing.

UB for instance give 4%.

Lady Chatterton

Quality wrote: »

An post have great savings
For child benefit

I think the An Post saving scheme is good. They also do Cyril the Squirrel Saving Stamps so when you child is a little older you will be able to take them to your local post office so they can buy their own saving stamps. Each book holds €20 worth of stamps which then can be lodged to the child's savings account. Young children tend to be visual learners so they get great craic out of seeing the number of stamps increase each week. There is also a social side for the child as they get to ask for the stamps in the post office and it makes the child more confident.

coylemj

Fungus wrote: »

Do not put your money in the Irish national debt. Even the Economist was calling for us to default this week. The CDS swap market says we have a 60% chance of defaulting.

The CDS swap market is a den of spivs and parasites whose only purpose is to profit from volatile markets, everything they say is said to serve their own purposes. They are gambling on us defaulting so the last thing they want is for us not to default, asking them if we're going to default is like asking parents of young children if they agree with free education.

However, even if your worst fears are realised and this country defaults on it's debts then I'd suggest that a few hundred quid invested for his kid is going to be the least of the OP's worries.

BuffyBot

Keep in focussed on the question folks..