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Post Office Account/Savings Bond

  • 02-01-2017 6:32pm
    #1
    levi
    Registered Users, Registered Users 2 Posts: 366 ✭✭


    We've just had our first baby and have received some very generous gifts for him to be lodged into the post office for when he's older. These were given in the form of cheques both euro and sterling. Will I need to cash these in the bank and transfer them to the post office account or will I be able to lodge them directly into his post office account?

    TIA!


Comments

  • #2
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    I imagine going to a main brick and mortar bank will give a better rate for GBP cheques. Cheques are expensive to cash if they are in FX. Would you ask guests to maybe transfer the funds instead of the cheque?

    I would see if you can set up a CU account for him. The interest rate on a CU account is generally superior to anything offered by the post office ATM.

    Would you consider an ETF for him? It is an index fund (so shares in a few hundred companies). Over a time period of 20 years it would be reasonably low risk but high return. I can't see you getting any decent return from the PO within the next decade with how interest rates are the moment and the fact there is no sign they will increase in Europe over the next 3/4 years


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