Account for child

chases0102

Hi all,

Just wondering if anyone here has setup an account for their newborn, and where did ye do it? Bank, Post Office, Credit Union, etc....which is the best for them?

We are going to try, as much as we can afford, to put some of the Child Benefit in his account, for his education...

Thanks folks!!

bren2002

Banks charge too much and the free banking options need thousands to be deposited monthly. I'd say post office is probably best.

Butvi think there's a minimum age, 13 something like that.

chases0102

Yeah, forgot about that re banks...

AirGuitarist

I set up an account in Ulster Bank recently for the baby, pretty handy and no monthly/annual fees charged. I also set up a monthly direct debit into the post office, not as straightforward but not too bad either

Alf Veedersane

Banks do regular savings options for this kind of savings account, ie where you're putting in 'small' amounts every month. Anything from €10/20 up. Doesn't have to be large sums. Afaik AIB have the best AER of the banks but that's about 2%.

Worth looking at your local credit union and An Post as well though.

bp

If you go CU, which can be done with birth certificate and your id (I think), make sure the parents can sign to take money out, it's a tick on the form. Once your child is 7 I think they can with draw the money themselves so hide the book

LegacyUser

Regular savings account with EBS here, we can sign to withdraw money. Children's allowance gets paid directly into it. We set it up a few months after she was born. Works fine for us.

catrionanic

We are just going to set up a savings account in our own names. Our wee man has got lots of money as presents from generous friends and family, but I've heard that the first child gets lots of presents and people aren't so bothered about subsequent children, so we are just going to create a general savings account that we can split between all our future children, rather than setting it up in his name.

We also may want to have proof of extra "savings" when we try to get mortgage approval for a family home in a few years time, even if we don't touch it.

Moonbeam

I set accounts up in the Credit Union for my 4.
It seemed to be the best option at the time.