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Investing for my grandchildren

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  • 08-02-2013 8:18pm
    #1
    karolmc100
    Registered Users Posts: 281 ✭✭


    I Currenently put away some money for my grandchildren for birthdays and the like.I was doing this in the local credit union,however this has not paid any divident since 2008/2009.I want change this to somewhere else.However I do not want my children to know how much I'm putting in. Any ideas's of of how or where I can do this?.


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    #2
    superb choice of username
    Registered Users Posts: 140 ✭✭superb choice of username


    How much are we talking?

    You can a deposit account, in your own name, for up to 3% (Ulsterbank regular savings 0-15,000, with annual interest payments @ http://www.ulsterbank.ie/roi/personal/saving/regular-savings/sida/rates.ashx ). You're definitely not going to beat 2.8%-3% with a bank. Most likely you're top end would be 2.6%. This is before DIRT.

    You'd struggle (from personal experience), from opening a kids account as a grandparent with the banks. I'm an uncle and tried opening account for kids - banks said it's too much hassle.

    That's probably the safest bet - a deposit account. Since it's for the kids, you can afford to get a medium term one (8-12 months). Things should pick up over the medium term - you can move the money after a year when we know how the 'financial environment' is. I know some investment portfolio's have done well, with around 8-9% returns at the year end. But yeah, risky - and they have had quite a whilst with losses. So, again, for security, put it into a nice deposit account!


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