Long term savings account for children

PH4T

Is there a way to set up a savings account for a child where I can put money in and they will be the beneficial owner but they won't have access until a specified time?

JTMan

I am not certain if the above is possible.

You could open a long dated (4/5 year) term deposit product which has no withdrawal options.

You could open an account in your name and gift the amount to your child at a later date.

PH4T

It's for my God son.

What about some kind of investment trust?

echo59

An Post, you can open a post office account for someone at any age. However, nobody can make any withdrawals until the child reaches 7 years of age.

Supercell

We looked into this as we didn't want our son to know about it but that seemed unavoidable for any account in his name. So we decided to to open a savings account in our name (with KBC) and are putting the child payments into that will a little top up. There is no online banking with it so there is no temptation to use it, the money is "gone" but safe.
We plan on using the money there to pay for his university fees eventually and whatever is left we will give to him when he wants to buy his first home. If money is tight along the way we may use some of it for school books too. But the money will never be used for anything else but him.

kkontour

I use this for my little ones
http://www.rabodirect.ie/personal-savings/childrens-savings/default.aspx