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Child Benefit State Savings Account?

  • 05-10-2020 10:23am
    Registered Users Posts: 766 ✭✭✭ FrankC21


    We just had our first baby and we are planning to save the child benefits for her college education,

    I do not have any background in accounting but I am looking at the state savings account particularly the instalment saving account for 6 years 5.5% total return, 0.98% AER tax free.

    What do you think?
    Should I consider going to a bank instead?


  • Registered Users Posts: 7,399 ✭✭✭ Nonoperational

    BOI give 2.5% on the first 5,000 in their young saver account. Other than that, no in my opinion. Deposit interest rates are basically 0.

    If you want it guaranteed state savings is the best option I'm aware of. Other than that you're looking at far riskier investments in investment funds etc.