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Setting Up a Savings Account for Two Month Old

  • 27-07-2017 3:30pm
    #1
    Kintarō Hattori
    Registered Users, Registered Users 2 Posts: 15,039 ✭✭✭✭


    Hey Folks,

    So our daughter is two months old and I want to setup an account where her child benefit can be paid into it and where I can lodge money on a monthly basis as well. I'm just curious as to whether I should stick with a bank or look at the option of opening an account with a credit union or the post office. A number of people have mentioned that the post office is the way to go. It'll have regular monthly contributions over the course of the next 20+ years.

    Many thanks.


Comments

  • #2
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    We've used the State Savings Childcare Plus (aka the Post Office) - the monthly payment gets lodged to the State Savings account, which then rolls over into long term savings each year. Details in this PDF:http://www.statesavings.ie/Downloads/Brochure2.pdf

    The only downside is after the 6 year plan ends, you have to do something with the fund - either roll it into a different State Savings fund, or take it and put it somewhere else (invest it, Credit Union, etc etc).

    Using the PO is the best in the short term as you get a reasonably decent return, and it's all automagically handled once you sign up. Consider the Credit Union when your little one is a bit older, and you want to encourage a savings habit


  • #3
    catrionanic
    Registered Users, Registered Users 2 Posts: 2,091 ✭✭✭catrionanic


    Spocker wrote: »
    We've used the State Savings Childcare Plus (aka the Post Office) - the monthly payment gets lodged to the State Savings account, which then rolls over into long term savings each year. Details in this PDF:http://www.statesavings.ie/Downloads/Brochure2.pdf

    The only downside is after the 6 year plan ends, you have to do something with the fund - either roll it into a different State Savings fund, or take it and put it somewhere else (invest it, Credit Union, etc etc).

    Using the PO is the best in the short term as you get a reasonably decent return, and it's all automagically handled once you sign up. Consider the Credit Union when your little one is a bit older, and you want to encourage a savings habit

    How have I never heard of this?!

    They do a range of products. Is it limited to one per person, like the uk ISAs are?


  • #4
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    catrionanic wrote: »
    How have I never heard of this?!

    They do a range of products. Is it limited to one per person, like the uk ISAs are?

    Nope, and details on the limits are here: http://www.statesavings.ie/Pages/NoLimitonSavings.aspx


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