Best Baby Bank Account

emc2

Hi,

So I am looking to open a bank account for a 5 week old and I wondering if anyone know where is the best bank etc to do this in?

Thanks
Michael

LaLucy

emc2 wrote: »

Hi,

So I am looking to open a bank account for a 5 week old and I wondering if anyone know where is the best bank etc to do this in?

Thanks
Michael

Good question

Lola92

You would probably get better advice in the banking, insurance and pension forum here on boards. I have a post office savings account for my daughter who is 16 months old.

BobbiB

Hi
I recently tried to open a bank account for my newborn babs. The banks won't let u open an account in there name until they are 12. You have to open an account in your name and then transfer it to them when they are 12. They advised me that there are saver accounts that i could open a 21/40 day notice account and that i would get better intrest on them. Also often for some reason you can get a better rate if you apply on line.

I opened a credit union account in her name that I can have access to. But beware of post office accounts. I opened one for the child benefit payments and when i came home i was looking at the book for the account details for the form and it states on the book that no money can be withdrawn until the child is 7 yrs old. As i need to be able to access the child benefit from time to time to buy her bits and pieces I am going to have to close the post office account. The don't tell you this when your opening the account.

I have opened a normal account in my name and will after her christening (need her child benefit money for this) open a 21 day notice account and transfer the child benefit to this account so at least her money will be earning intrest. HTH

cch

If it's for long-term savings maybe a children's savings account in Rabo Direct?

http://www.rabodirect.ie/savings-ireland/childrens-savings/default.aspx

It's managed by one parent but in the name of the child.

pwurple

There is a state savings account specifically for child benefit.

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

ThisRegard

Have you thought of a credit union account ?

cynder

We have our kids in a credit union, however we getting my mother to open accounts for them in the uk. If the euro fails they will have a sterling bank account which we will transfer the money into (fingers crossed before it fails).

We did get prize bonds given to us for our kids aswell, i believe they hold value, no interest but that's neither here nor there as there is a chance their numbers come up.

ocy

not sure that its the best one but
http://www.ebs.ie/site/all/EBS%20Childrens%20Savings%20Account?opendocument

EBS Childrens Savings Account gives €20 Bonus. A one off bonus interest payment of €20 (subject to DIRT deduction) will be credited to the account 6 months from account opening, if a minimum balance of €50 is saved and maintained in the account for the first 6 months from the date of account opening. Its all right for just keeping €50 in for just 6 months

xzanti

We have a Credit Union acc for our Son.