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Is there better option than AIB Parent Saver? plan?

  • 15-08-2015 6:23pm
    #1
    DanTomKelly
    Registered Users Posts: 40 ✭


    Hi,
    We have been paying children's allowance to the above plan for 6 years and topping occasionally with extra payments. This is to help go with towards college fees.
    At the moment there is 8.5k in it, but I think the money might be better moved elsewhere.
    The interest rate goes up and down depending on the amount in the account each year.
    Is there a better option elsewhere to allow for growth over the next 10+ years?

    Thanks,

    DanTom


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    AIB stopped offering the Parent Saver product some time ago. They do not even list it in their legacy products list. This suggests that the rate is very low.

    You are best switching to a higher paying product. A full list of savings products is here.


  • #3
    DanTomKelly
    Registered Users Posts: 40 ✭DanTomKelly


    Thanks think I'll go with this option
    *** Nationwide UK: Euro Regular Saver Account ***
    for the Regular Monthly payments.

    But in terms of the lump sum of 8.5k that's currently in AIB ....
    The rates for the lump sum options don't seem to be great 1.45% seems to be the highest.
    Heard somewhere that buying silver is a good long/medium term option.


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    Rates are poor at the moment for lump sums but better than nothing.

    You could loose all your lump sum by putting it into silver.


  • #5
    DanTomKelly
    Registered Users Posts: 40 ✭DanTomKelly


    JTMan wrote: »
    Rates are poor at the moment for lump sums but better than nothing.

    You could loose all your lump sum by putting it into silver.

    Maybe I could drip feed the 8.5k into the 4% Nationwide UK Regular saver then.

    What do you think?


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    DanTomKelly wrote: »
    Maybe I could drip feed the 8.5k into the 4% Nationwide UK Regular saver then.

    What do you think?

    That would work. Better still you could move the 8.5k into a new lump sum instant access account and drip fed from there.


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  • #7
    Amirani
    Moderators, Society & Culture Moderators Posts: 12,527 Mod ✭✭✭✭Amirani


    DanTomKelly wrote: »
    Heard somewhere that buying silver is a good long/medium term option.

    If you're not aware how badly commodities are doing at the moment, you shouldn't buy silver. Best to stick with regular products from the banks or post office.


  • #8
    DanTomKelly
    Registered Users Posts: 40 ✭DanTomKelly


    Diego Simeone wrote: »
    If you're not aware how badly commodities are doing at the moment, you shouldn't buy silver. Best to stick with regular products from the banks or post office.

    Rang nationwide uk to enquire about the regular saver with 4% interest. Of course the catch is that it's only for 15 months. As I am saving long term for my son, should I just take it and then keep shifting the money around. That way, I'll have to keep drip feeding it back in.


  • #9
    DanTomKelly
    Registered Users Posts: 40 ✭DanTomKelly


    Going into KBC tomorrow to discuss my options for saving for my child's college education over the next 10-12 year period.
    They said over the phone that they have a low risk sivek fund that might be suitable.
    However, it has 1% levy and 1.7% fees. Seems like a lot. Also they don't allow monthly standing orders. I'm guessing monthly would be better than lump sum in terms of spreading the risk. I.e. Better to drip feed the initial 8.5k in rather than invest it in one lump.
    Is there a product that will avoid the levy and lower fees?


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