Saving Account For My Son's Future

chatterbox

Hi All.

I want to start savings for my son's future, so I'm reviewing some of the options available. The only real long term product that appears to be the 10 Year National Solidarity Bond.

Is this the best option ?? or is there more out there.

Would be great to hear what other people are using.

jathclare

I'm investing into a global equity fund managed by a topinvestment manager on a monthly basis for my Son. The facility is provided by a well known multi-national life company. The account is set up such that it uses your annual gift tax allowance to children on an on-going basis rather than their inheritance tax allowance which is a once off. As long as you are putting no more than about €3k a year into the savings account, their is no capital gains tax liability for the child. I got help from a financial advisor for all of this and would recommend you speak to one.

JTMan

chatterbox wrote: »

Hi All.

I want to start savings for my son's future, so I'm reviewing some of the options available. The only real long term product that appears to be the 10 Year National Solidarity Bond.

Is this the best option ?? or is there more out there.

Would be great to hear what other people are using.

You don't need to go for a long dated maturity product.

You can choose a short dated product maturity product and switch when it matures or simply choose a regular saver product and keep an eye on the rate.

Will you be saving each month? or do you have a lump sum?

chatterbox

I would be a regular saver, with maybe the odd lump sum top up every so often if i manage to save a bit on the side.

what short term product would recommend as starting point?

JTMan

How much are you willing to save per month?

If you are willing to switch after 15 months, the Nationwide UK Euro Regular Saver product, that pays 4.00%, might be your best bet.