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Child Benefit State Savings Account?

FrankC21 · 2020-10-05 09:23:51

Hi, 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…

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05-10-2020 10:23am

#1

FrankC21

Registered Users Posts: 806 ✭✭✭

Join Date: March 2015

Posts: 704

Hi,

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?

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#2 05-10-2020 11:57am
Nonoperational

Registered Users Posts: 7,401 ✭✭✭

Join Date: July 2005

Posts: 7185

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.

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