Communnion money - what to do with it

The Undecided One

Hi All,

Thanks for reading this.

Our son got a €1000 for his communion, I’d like to save it for him for a later date (he has all the gadgets that he needs, Xbox, DS, you name it).

I’d like to invest it somehow but have limited knowledge of options.

Would we be better opening a term account or buying some kind of bonds?

Thanks for your help!

ANXIOUS

Depends on what you want, do you want capital security?

The Undecided One

ANXIOUS wrote: »

Depends on what you want, do you want capital security?

Yes, I'd like the money to earn a bit as well, to beat the inflation at least, whatever is then earned above that would be a bonus.

The Undecided One

Maybe someone could point me towards some kind of a resource outlining options of securing this small amount?

drunkmonkey

Open a degiro account with you under him, buy 10 shares in Walt Disney, leave them there until he's 18.

ANXIOUS

The Undecided One wrote: »

Yes, I'd like the money to earn a bit as well, to beat the inflation at least, whatever is then earned above that would be a bonus.

Capital security and beating inflation don't go hand in hand. The best you could do is ebs and Boi have young people accounts that pay 2.5% to a maximum balance of €5k. Obviously rate can change any time.

gillad

The Undecided One wrote: »

Hi All,

Thanks for reading this.

Our son got a €1000 for his communion, I’d like to save it for him for a later date (he has all the gadgets that he needs, Xbox, DS, you name it).

I’d like to invest it somehow but have limited knowledge of options.

Would we be better opening a term account or buying some kind of bonds?

Thanks for your help!

Dont lock it up for too long and remember it is your sons money.
I did this with my sons communion money,it was only 250euro so i got him some prizebonds but a few months later he wanted some and I paid him from my own pocket.eventually he spent it all which was fine ,it was his money.
Your son now knows he has money and will be dreaming about how he can spend it and I imagine investing it for the future is not a priority for him

NIMAN

LEt him spend some, put the rest in a savings account or a CU account, let him get the savings habit too.

DavyD_83

Bonkers.ie is good for comparing account options. You can put on how much you want to save and for how long be or will give you some figures on what is available futon main banks