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Best Savings Account for a Child

  • 15-02-2021 6:35pm
    #1
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭


    We have Accounts for our children with the Credit Union. Saving for 3rd Level Education.
    Today we got a letter telling us that they have reduced the Balance that can be in a Child's Account and we need to move the money before March 1st.

    We do not have any other Accounts for the children so we need to open another Account for each of them.

    I am looking for an Account that we can lodge a Lump Sum (cheque from CU) to begin with and then have a DD going in monthly to continue saving.

    Any recommendations?

    Will need to access the money in 3-4 years for the eldest.

    TIA.


Comments

  • #2
    cee_jay
    Registered Users, Registered Users 2 Posts: 7,920 ✭✭✭cee_jay


    An Post State Savings options sound like they would suit.


  • #3
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    cee_jay wrote: »
    An Post State Savings options sound like they would suit.

    I was thinking about the Savings Certs for the Lump Sum but is there also an Account for Savings which have monthly DD that we could save into for the next 3-4 years and onwards ?


  • #4
    cee_jay
    Registered Users, Registered Users 2 Posts: 7,920 ✭✭✭cee_jay


    https://www.statesavings.ie/saving-ideas/saving-for-your-childs-education


  • #5
    amen
    Registered Users, Registered Users 2 Posts: 2,781 ✭✭✭amen


    SusanC10 wrote: »
    We have Accounts for our children with the Credit Union. Saving for 3rd Level Education.
    Today we got a letter telling us that they have reduced the Balance that can be in a Child's Account and we need to move the money before March 1st.

    We do not have any other Accounts for the children so we need to open another Account for each of them.

    I am looking for an Account that we can lodge a Lump Sum (cheque from CU) to begin with and then have a DD going in monthly to continue saving.

    Any recommendations?

    Will need to access the money in 3-4 years for the eldest.

    TIA.

    Is the balance that can be held in a childs account different from that which can be held in an adults account ?


  • #6
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    amen wrote: »
    Is the balance that can be held in a childs account different from that which can be held in an adults account ?

    Yes, substantially lower. All of a sudden despite our eldest child's Account being open for 13+ years.


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  • #7
    amen
    Registered Users, Registered Users 2 Posts: 2,781 ✭✭✭amen


    Can a CU do this based on Age ?


  • #8
    SusanC10
    Registered Users, Registered Users 2 Posts: 2,432 ✭✭✭SusanC10


    amen wrote: »
    Can a CU do this based on Age ?

    I don't know. The letter said that all Accounts for those aged under 16 were affected.


  • #9
    Hibernicis
    Registered Users, Registered Users 2 Posts: 1,752 ✭✭✭Hibernicis


    amen wrote: »
    Can a CU do this based on Age ?

    Apparently they can. See this random example
    Important Members Notice

    From August 2020 the following Savings Limit will be in place at Cara Credit Union

    Up to €30,000 per Adult member and up to €10,000 per Juvenile (members under 16 years).

    Note the rules vary a lot from one CU to another and some credit unions are allowing existing balances to remain even where they exceed the limit, but no new money can be deposited. (See here)


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