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Best place to open a Children's Savings a/c?

  • 10-05-2024 6:10am
    #1
    Bleating Lamb
    Registered Users, Registered Users 2 Posts: 4,803 ✭✭✭


    Hi all,

    Just wondering which financial institution/or the Post Office/Local Credit Union alternatively is best to open a children's saving's account with?……..many people here more than likely have ones open for their children.

    I am with the AIB myself for years.Would be opening ones for children who have just made First Holy and Confirmation and for another sibling,would like them to get into the habit of saving and I would put in a small contribution on a monthly basis,say €20,

    Thanks for anyone's thoughts on the above.



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,611 Mod ✭✭✭✭Jim2007


    I don't have any experience of child accounts in Ireland, so I can't comment on that…

    However on habit forming, I suggest you agree to match the kids monthly savings up to the amount of €20 that way they have motivation to form the correct habit - not one that doing nothing equals an extra €20 per month pocket money.



  • #3
    Kurooi
    Registered Users, Registered Users 2 Posts: 746 ✭✭✭Kurooi


    I'd be looking at revolut. You can manage allowances, give them an app and card, view transactions, co-manage the account.



  • #4
    fits
    Registered Users, Registered Users 2 Posts: 13,776 ✭✭✭✭fits


    we just opened with AIB.



  • #5
    Bleating Lamb
    Registered Users, Registered Users 2 Posts: 4,803 ✭✭✭Bleating Lamb


    https://www.boards.ie/discussion/comment/122119515#Comment_122119515

    Thanks for reply,I'm actually not familiar with revolut,don't know if I like the idea of giving the 8 year old (made First Holy Communion) a bank card.

    Is it possible to control how much they could withdraw at a time?…….I hope to engender the idea of saving for special things with this account eg new bike,ipad etc.

    Thanks.



  • #6
    Bleating Lamb
    Registered Users, Registered Users 2 Posts: 4,803 ✭✭✭Bleating Lamb


    https://www.boards.ie/discussion/comment/122119610#Comment_122119610

    Thanks for reply…….what did you find good about the AIB product?



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  • #7
    elperello
    Registered Users, Registered Users 2 Posts: 16,109 ✭✭✭✭elperello


    If you are attracted by the community ethos of credit unions that might be a good thing to pass on to kids.

    Whichever you chose giving them the saving habit is a great idea.



  • #8
    fits
    Registered Users, Registered Users 2 Posts: 13,776 ✭✭✭✭fits


    https://www.boards.ie/discussion/comment/122120213#Comment_122120213

    not much. But the other options we looked at had charges.



  • #9
    Kurooi
    Registered Users, Registered Users 2 Posts: 746 ✭✭✭Kurooi


    https://www.boards.ie/discussion/comment/122120203#Comment_122120203

    Better, you can set a monthly limit. I use it myself to keep my money safe - max anyone can steal using my details is the limit I set. And well, don't order the card. it's actually all virtual, the physical card is on request.



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