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Saving for babys future

  • 26-07-2013 6:51pm
    #1
    vgrainge
    Registered Users, Registered Users 2 Posts: 31 ✭


    Hi all

    Looking for advice to save for my newborns future like college etc.What are the best products etc or should i just open a regular savings account?

    Thank you


Comments

  • #2
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,125 Mod ✭✭✭✭AlmightyCushion


    Nationwide UK Ireland (stupid name) have a regular saver that gives a 4% return. You won't beat that anywhere else.


  • #3
    thefox1982
    Registered Users, Registered Users 2 Posts: 157 ✭✭thefox1982


    If you are looking for a long term savings account, a regular saver account would not be suitable as it would give the lowest return. Yes 4% may sound attractive, but this is usually limited to a maximum amount or for a limited period of time, ie 12 months.

    As you are looking to save long term, best would to to look at a regular invest product. Most of the banks would offer these through life assurance companies. Usually a minimum of €100 a month with no access for the first 5 years. So removes temptation.

    These type of accounts are equity based, ie shares. It's proven that over long term savings, equity based products always come out on top.

    If you are serious about saving for your babies this would be more suitable than a deposit account. Can also be places in trust if anything was to happen to you and would not get access until they become 18


  • #4
    vgrainge
    Registered Users, Registered Users 2 Posts: 31 ✭vgrainge


    So I would have to go to my bank, I'm with AIB, should I shop around different banks? Would the bank advise what to invest in or should I pick?


  • #5
    Browney7
    Registered Users, Registered Users 2 Posts: 3,100 ✭✭✭Browney7


    vgrainge wrote: »
    So I would have to go to my bank, I'm with AIB, should I shop around different banks? Would the bank advise what to invest in or should I pick?

    You could go to any insurance broker and they'd be able to advise on all life companies. Aib would only sell you an Irish life product. Not sure of the charges on it. If you don't want the possibility of it losing money I wouldn't go this route.

    You could look at Exchange traded funds also. Some of the posters here seem to like these


  • #6
    gordongekko
    Registered Users, Registered Users 2 Posts: 5,301 ✭✭✭gordongekko


    vgrainge wrote: »
    So I would have to go to my bank, I'm with AIB, should I shop around different banks? Would the bank advise what to invest in or should I pick?

    banks are tied agents. Go to an independent financial broker instead if a bank.

    You could since you are just starting out go to the post office and try one of their products. They are probably as good as anything low risk available at the moment.


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