Starting a savings account for god daughter

Turlock

I'm looking to get my god daughter (about 10 months old) set up with a savings account. I remember when I was younger some of the building societies did them.
So for a chrimbo pressie I'm thinking of opening a savings account and sticking a few quid in it for her so she / I can add to it over the years.

Where's the best place to go for something like this, is it a building society or somewhere like the post office or credit union?

Thanks!

mano79

I have one set up for my god son in the post office. I really only choose there because my god father had one for me as a child and I was given over the savings book on my holy communion day. Ulster Bank has the Henri hippo accounts back for kids so maybe try there. You will defo need the childs PPSN and I think their birth cert for opening the account though which is a pain.

Its a lovely idea though I think its a nice way of gathering a few quid for them when they are a little older and encourages them to save themselves when they get their first hold/confirmation lob!!

Turlock

Excellent, thanks Mano!!

Turlock

Right another update to this, went over and got her birth cert then went to a few places namely BOI, Ulster Bank & An Post.

Ulster Bank (Henry Hippo) would only open a childs account if it was opened by a parent.
BOI would open a child account which would be under my name but linked to her. Only flaw here is that I don't get "anything" if ye know what I mean so not really a good present.
An Post will open an account with a blue book with myself as signature person but I need her PPS number, which I don't have.

So

a) As I want it to be somewhat of a surprise is there anyway of me getting her PPS number without going through the parents

or

b) Is there anything else I can do in the way of a savings account without needing her PPS number?

unclebill98

Not really.

Anti money laundering policy will only let a parent or guardian open an account for or on behalf of a child, unlike years ago etc.

So it will be impossible without their knowledge.

Do the post office do savings stamps? No interest but another option. Then when it's enough the child can open their own savings account when they are old enough.

Turlock

unclebill98 wrote: »

Not really.

Anti money laundering policy will only let a parent or guardian open an account for or on behalf of a child, unlike years ago etc.

So it will be impossible without their knowledge.

Do the post office do savings stamps? No interest but another option. Then when it's enough the child can open their own savings account when they are old enough.

Saving stamps could be good

Are you sure about the account opening? The Post office were happy enough once I had her PPS and working in a bank myself (IT department) we did an AML course and they never mentioned it (this is me hoping there's some way round the PPS loophole btw )

unclebill98

Well think about it. You open an account for a child. Put thousands in it and cream off the interest made without ever having to declare it.

Now in saying that a parent can do the same but it's tighten up to make sure it's for the benefit of the child by only allowing a parent or guardian opening the account.

As for the post office. Standard savings accounts are not regulated and can be sold/offered to a customer by a un qualified person. So when it handed off to be open it may be stopped.

Turlock

unclebill98 wrote: »

Well think about it. You open an account for a child. Put thousands in it and cream off the interest made without ever having to declare it.

Yeah seems reasonable although if it was a case of the money being untouchable until the child reaches the age of 7 maybe that'd be ok but I can't imagine many people going for that

As for the post office. Standard savings accounts are not regulated and can be sold/offered to a customer by a un qualified person. So when it handed off to be open it may be stopped.

Yeah that makes sense and something I should factor in.
I'll let you know how I get on!

TiGeR KiNgS

Prize Bonds are nice gift imo.
If she wins big you can guarantee a nice little prezzie.

okiss

Due to money laundering regulations it will be hard to open an account in her name. Also a lot of the children's bank account pay very little interest.
You could consider putting money into 5 and half year saving certs in your name. You can invest a min of €50 to max of €120,000. The interest on these is is paid each 6 months and you can access the cash with 7 days notice.
Also any interest earned is tax free.
If you put €50 each month into these and re invest the funds on maturity your god daughter could have a nice nest egg in the years to come.
If you do this I would check revenue rules before giving her this money later as you don't want her to be paying tax on you gift.

nohow

I managed to get some good information from our saving and investment broker. We started a nice saving plan for our daughter. You should give him a shout.

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