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Savings for Godchild - what's my best option?

  • 01-08-2018 8:08pm
    Registered Users Posts: 77 ✭✭✭ N.96

    Having recently been asked to be a Godparent I am looking to start putting a bit of money away for them so that they can have it at 18/ 21.

    The options I am currently considering as possibilities are:

    1. Opening a regular saving account in their name (with consent and knowledge of parent) that I deposit 5 - 10 euro in per month

    2. Opening an account where I deposit 40/ 50 euro twice a year

    3. Putting a lump sum into something now (like a national solidarity bond or other account where it's held for quite some time to garner interest)

    Like most people, what I want is to find the option that will give the most from my money at the end of 18 - 21 years. I have the funds to either put it all away now or, equally, I can put it away on the regular.

    If possible, it would be nice to have it be a surprise but with restrictions in place to prevent money laundering I know that it may not be possible and, in that case, I have no issue putting the Mother's name on the accounts.

    Suggestions other than the 3 above will definitely be considered. Giving specific banks/ places of saving would be very helpful also.

    Thanks in advance!