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    Childrens Savings Accounts

    Can anybody recommend a child savings account? i can see all the headlines from the different banks but there again i saw the ulsterbank headlines before i opened an account with them myself

    anyway i have €5k lump sum to invest and 200 per month and one is 7 the other 4. i would like the accounts in their own names...esp the 7 year old who im teaching about money just now and would like her to be able to access the money maybe via a debit card so she can spend herself.

    Any ideas?
    So I walked as day was dawning
    Where small birds sang and leaves were falling
    Where we once watched the row boats landing
    By the broad majestic shannon

    #2
    Kbc do the best rates, otherwise An Post for the 'bank book' and routine of going in to lodge money, you don't get an atm card with them though
    Nulla semper amicus, servivit mihi, in iniuriam mihi neminem quem non persolvi

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      #3
      If i had money to put away for a child for more than a decade I'd look at Prize Bonds, now that saving rates are pretty worthless.

      Your money stays in Ireland so helps our economy, it can be taken out if savings rates start to rise and, most importantly, they're entered into a big money prize draw weekly or monthly.

      Alternatively there's the even more patriotic Solidarity Bond, which pays 25% over 10 years from An Post.
      Munster – Champions of Europe 2006, 2008, 2019.

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        #4
        There may be much better alternatives to deposits. Risk vs reward etc.
        Yorn desh born, der ritt de gitt der gue,
        Orn desh, dee born desh, de umn bork! bork! bork!

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          #5
          I'd be in shares myself JCC but my left wing mentality won't allow me to buy some of the bigger/safer corporates besides, I want the eldest one at least to have access to and start to take responsibility and understand the value of money. I want to try and teach her how to buy things on the net etc and to begin to understand about saving/future needs v "have it now" and get her to question "do I really need it" etc. For those aims she'll need access to the cash.
          We won't be here forever so I'm leaning towards BOI. DIRT kills anything decent anyhow. I can't believe 41% tax is levied on kids accounts.
          So I walked as day was dawning
          Where small birds sang and leaves were falling
          Where we once watched the row boats landing
          By the broad majestic shannon

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            #6
            We have piggy banks that can't be opened until full. when they go to put money in it they think would they like to use some. They decide and the rest goes in the piggy bank. When it's full they lodge it to their ulster bank account. If they want something then they must figure a way of earning the money which they do. They're handy at it now. The 10 year old asked was his bank account to pay for college. I told him no that I would pay for college and that was his beer money.
            we did also go the way of prize bonds as deposit rates and dirt made it not worth while. We have won 4 sets of 50 euro! the last was one this Monday.

            as for Ulsterbank- we received a letter stating that as child x had a tax residency in usa we would have to disclose loads of stuff, certs, proofs, sworn statements etc. I rang to point out child x is 3 and not claiming tax residency in the usa and obviously ut was a mistake. it took several days and several line managers to understand if they wished us still to confirm it all despite it being ludicrous, I would sooner move all the accounts. The 3rd manager eventuasly gave in. I was going to give her the 20 odd page document to colour in and post it back but I was afraid I'd draw them on again with more sensless ****!
            Tic-Toc. POC and DOC. Stop the clock.

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              #7
              Ulster bank are a mare indeed booboo. Been to the ombudsman over them. My complaint was upheld and they paid comp. Shame as their front line staff are very good.
              So I walked as day was dawning
              Where small birds sang and leaves were falling
              Where we once watched the row boats landing
              By the broad majestic shannon

              Comment


                #8
                PTSB has a childrens account with a visa debit card. it says its just for u18's but whether its ok for a 7 year old i dont know. ill ring them later. EBS has good interest rates just over 2%
                So I walked as day was dawning
                Where small birds sang and leaves were falling
                Where we once watched the row boats landing
                By the broad majestic shannon

                Comment


                  #9
                  THB CM, i you should do 2 things, open a long term deposit ac for the 5k, Most Banks require 25k or more for decent interest, you could look at An Post and their savings bonds, 5 years plus, (also money goes to Govt, rather than corporates)
                  For your 200 a month open a regular savings with whatever bank, and when it's above a certain amount transfer into new LT deposit
                  Nulla semper amicus, servivit mihi, in iniuriam mihi neminem quem non persolvi

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