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kiddies savings

  • 17-08-2013 5:13pm
    #1
    Lilybear81
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi, can anyone advise. I save 1O euro a week for my son, he's currently 1and a half. I save in the credit union for him but i now feel this is a waste as he gets no interest and its not as if he'd be getting a loan. Can anyone recommend an account or savings bond that would let me save this small amount but get a good return to start building a nest egg for my son for school or holidays when he's older etc?


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,557 ✭✭✭JTMan


    EBS pay 2.26% AER up to 5,000 EUR for under 12 year olds. Best return for kids if you want the account in the kids name.


  • #3
    fiona-f
    Registered Users, Registered Users 2 Posts: 332 ✭✭fiona-f


    Most of the products marketed as kids savings accounts are actually quite poor. When your child us a bit older, then there might be some learning value in his having his own account, to balance out the poor return. The Ask About Money website has a very good list of best rates of return on savings accounts. I'd suggest picking the best of those at least until the child is old enough to have some basic understanding of how to operate the account himself.


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